Global insurer Chubb has partnered with Southeast Asian ride-hailing firm Grab on an app-based travel insurance product available for customers in Singapore.
‘Travel Cover’ allows Singapore-based customers to purchase cover from S$2.50 per day for travel to any destination globally.
The product is distributed by GrabInsure Insurance Agency, Grab Financial Group’s insurance platform.
It will be rolled out to other Grab markets in Southeast Asia in the coming months.
“Outbound travel from Singapore is thriving, reaching 10.4 million departures by air and sea in 2018,” said Scott Simpson, country president of Chubb in Singapore.
“At the same time, smartphone users are projected to hit 4.65 million this year. Our partnership with Grab allows us to develop more customer-centric insurance solutions that align with the varied lifestyles of consumers.”
Tom Duncan, Head of Insurance at Grab, added “Our mission with GrabInsure is to provide access to affordable insurance products that better meet the everyday needs of Southeast Asians as we enter the consumer insurance market.
“Our customer research shows that many individuals were uninsured when they travel, and we are uniquely placed to address this gap. Travel Cover is an example of how we are leveraging GrabInsure’s platform to deliver innovative ‘on-demand’ insurance products.
“We are pleased to be working with Chubb as they share our vision to make insurance affordable and easily accessible. We will continue to work closely together to expand the product offering and address the differing consumer needs across the region.”