Chubb and Grab have teamed up to launch Travel Cover, which will make travel insurance products available on the latter’s mobile application.
According to a statement from the two firms, Travel Cover allows users to purchase travel insurance anytime and anywhere. Users can save their travel profiles on the Grab app, which simplifies the process for future purchases. Additionally, Grab users will receive discounts for each repurchase of Travel Cover. The product is distributed by GrabInsure Insurance Agency, the insurance arm of Grab Financial Group.
Singapore-based customers can now purchase Travel Cover through the app, starting at SG$2.50 per day, for travel to any destination globally, the statement said.
“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.”
“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,” Tom Duncan, head of insurance at Grab, said. “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.”
To mark the product’s launch, Travel Cover will be available to the first 20,000 customers at a discounted price of SG$1 per day for trips within the Asia-Pacific region, until February 29. Travel Cover will be rolled out to other Grab markets in Southeast Asia in the coming months.