The solution allows users to purchase travel insurance at any time, right until the moment of departure. People who buy insurance through Travel Cover will be able to save their travel profiles on the Grab app, making it more convenient to make future transactions, and pocket discounts for the service.
The product is distributed by GrabInsure Insurance Agency, Grab Financial Group’s insurance platform, according to a statement.
“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,” said Tom Duncan, head of insurance at Grab.
As of the launch, a new insurance tile will be added on the Grab app, which lets Singapore-based customers purchase Travel Cover from S$2.50 (US$1.86) per day for travel to any destination globally. The product will be rolled out to other Grab markets in Southeast Asia in the coming months, said the statement.
“Outbound travel from Singapore is thriving, reaching 10.4 million departures by air and sea in 2018. At the same time, smartphone users are projected to hit 4.65 million this year,” saod Scott Simpson, country president of Chubb in Singapore.
Operating in Singapore since 1948, Chubb provides underwriting and risk management expertise for all major classes of general insurance in the city-state. It offers financial lines, as well as casualty, property, marine, industry practices, and group insurance solutions for large corporates, multinationals, and small and medium-sized businesses.