Singaporean ride-sharing platform Grab will launch digital insurance services for its users and drivers after striking a cope with China’s ZhongAn Online P&C Insurance to establish a three way partnership targeting Southeast Asia.
Grab is working hard to expand its service offering because it prepares for stiffer competition within the region as its rival Go-Jek expands beyond its home market of Indonesia.
Grab will offer its customers and drivers insurance products on its app as a part of a deal announced Wednesday with ZhongAn International, the overseas branch of the Chinese insurer.
“The launch of our insurance platform is part of our drive to become the leading everyday super app in the region,” Grab CEO Ming Maa told DEALSTREETASIA.
He added: “With over 130 million downloads in Southeast Asia and a presence in 336 cities, our deep understanding of consumer behavior and needs uniquely enables us to deliver innovative insurance products that create value for our customers.”
They added that users will find a way to browse and pay for inexpensive insurance products through the Grab app. The recent entity will work with global insurance partners to tailor its products specifically to lifestyle needs within the region.
ZhongAn is the primary and largest online insurer in China, supported by: Tencent HoldingAnt Financial Services Group i Ping the insurance group.
After acquiring US company Uber’s operations within the region last 12 months, Grab has quickly turn out to be the leading passenger transport operator in Southeast Asia. The company is transforming from a taxi service right into a so-called “on a regular basis super app” – a digital consumer services platform.
It already offers food delivery and e-payment services. In early 2019, Good Doctor of China may even launch online healthcare services in cooperation with Ping An.
In turn, Go-Jek established cooperation with the German insurer Allianz Group in 2016, and last 12 months it received an investment from the German company. Last 12 months, it also invested in PasarPolis, an Indonesia-based digital insurance startup, together with fellow local unicorns Tokopedia and Traveloka.
