ZhongAn joins with Grab to sell insurance

Source: Xinhua | 2019-01-17

ZhongAn Online Property and Casualty Insurance Co Ltd’s international business arm will establish a digital insurance joint venture with Grab Holdings Inc, Southeast Asia’s leading online-to-offline mobile platform, ZhongAn said yesterday.

The joint venture will offer a range of insurance products through Grab’s mobile app. Grab is also Southeast Asia’s largest ride-hailing company and has a user base of millions.

ZhongAn Technologies International Group Ltd will build the platform. The new firm will collaborate with global insurance partners to develop products tailored specifically to the lifestyle of the people of Southeast Asia — a region with a population of almost 650 million — ZhongAn said.

Working with global insurance major Chubb, Grab will first start selling insurance in Singapore in the first half of this year, beginning with driver’s insurance for its drivers.

The products will then be rolled out in other markets.

The joint venture will give millions of uninsured and under-insured people access to insurance through their mobile phones, allowing them to directly browse and pay for insurance through the Grab app without going through an agent or broker.

The tie-up hopes to address the often difficult points of insurance discovery, unaffordable premiums and payment options by allowing for premiums to be adjusted and automatically deducted through GrabPay or its affiliated payment partners.