Chubb partners with fintech Grab in digital strategy
Property/ casualty insurer Chubb has partnered with Grab, an on-demand transportation and fintech platform in Southeast Asia, as part of its digital strategy to meet growing insurance needs in Asia Pacific.
Chubb will provide in-app insurance solutions for Grab's 2.6 million driver-partners, including accident, hospitalisation and other insurance coverage.
The companies will also explore leveraging data technology from Grab's platform, including telematics, machine learning and predictive analytics to offer insurance solutions personalized to the specific needs of different private-hire vehicle drivers in Southeast Asia.
The partnership was announced as part of the launch of Grab Financial, the fintech platform within the Grab ecosystem.
Paul McNamee, regional president, Chubb Asia Pacific, said: "We are delighted to work with a digital pioneer like Grab to protect their 2.6 million driver-partners. Our insurance partnership is evolving from traditional group personal accident coverage for drivers to more digital options directly offered from the Grab app.
"We will also work with Grab's customer and partner-centric platform to introduce relevant, convenient and affordable digital insurance options in the eight countries where Grab operates. Overall, this partnership is an exciting step in our digital strategy to meet growing insurance needs in Asia Pacific."
Jason Thompson, managing director, GrabPay Southeast Asia, commented: "At Grab, driver welfare is at the heart of our vision of improving the lives of people in Southeast Asia. We want to ensure our driver-partners' hard work pays off and that their income and livelihoods are protected. We are excited to have a partner such as Chubb with whom we share this vision. Backed by Chubb's global insurance expertise, we are now able to bring this app-based insurance product for the first time to drivers across Southeast Asia."
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