Singapore-headquartered Grab and Chinese online insurance company ZhongAn announced they will form a joint venture in Southeast Asia to market insurance products directly to users via the online-to-offline company’s mobile app.
Grab said a digital insurance platform will be first launched in Singapore in the first half of the year, before being rolled out in other markets.
In a joint statement, the companies said the collaboration aims to address insurance pain points by allowing premiums to be adjusted and automatically deducted through GrabPay or its affiliate payment partners.
The marketplace will offer products in a range of categories with fractionalised premiums, allowing users to browse and pay for coverage without going through an agent or broker. The insurance company’s subsidiary ZhongAn Technologies International will bring technical assets to build the platform.
Wayne Xu, in charge of ZhongAn’s international business, said over the past five years it has accumulated rich experience providing a new generation of customers with protection: “We have joined hands with over 300 internet ecosystem partners and exported our technology solutions”.