Chubb and Grab insure travel

SINGAPORE, 14 January 2020: Chubb, a publicly traded property and casualty insurance company, and Grab has launched a new travel insurance product.

Travel Cover claims to be a simple and rewarding way for users to purchase travel insurance anytime, right up till the moment of departure.

Users who purchase Travel Cover are able to save their travel profiles on the Grab app, making future purchases easy and convenient. Additionally, Grab users will be rewarded with discounts for each repurchase of Travel Cover. The product is distributed by GrabInsure Insurance Agency, Grab Financial Group’s insurance platform.

Starting Monda, a new insurance tile was added to the Grab app, allowing Singapore-based customers to purchase Travel Cover from just SGD2.50/day for travel to any destination globally.

To celebrate the launch, the first 20,000 customers can purchase Travel Cover at a discounted price of just SGD1 per day until 29 February for trips within the Asia Pacific region. Travel Cover will be rolled out to other Grab markets in Southeast Asia in the coming months.

Chubb Singapore country president  Scott Simpson said: “Outbound travel from Singapore is thriving, reaching 10.4 million departures by air and sea in 2018[1]. At the same time, smartphone users are projected to hit 4.65 million this year[2]. Our partnership with Grab allows us to develop more customer-centric insurance solutions that align with the varied lifestyles of consumers.”

Grab’s head of Insurance Tom Duncan said: “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 will continue to work closely together to expand the product offering and address the different consumer needs across the region.”

[1] Department of Statistics, Singapore – https://www.tablebuilder.singstat.gov.sg/publicfacing/createDataTable.action?refId=15301

[2]Number of smartphone users in Singapore from 2014 to 2022 (in millions) by Statista – https://www.statista.com/statistics/494598/smartphone-users-in-singapore/

(Source: Joint Chubb and Grab media)

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