Singaporean ride-sharing business Grab has partnered with the international arm of ZhongAn to create a digital insurance platform for the Southeast Asia region.
The joint venture will create a digital insurance marketplace accessible to users of the Grab mobile app. Both companies are seeking to collaborate with global insurance partners to develop new products geared towards people living in the reigion
ZhongAn’s international arm ZA Insurance are bringing to the table the technical assets to build the platform as well as their insights into internet ecosystems.
The platform will launch in Singapre during the first half of this year, before being rolled out across new markets.
Grab president Ming Maa said, “The launch of our insurance platform is part of our commitment to becoming the leading everyday superapp in the region.
“With over 130 million downloads in Southeast Asia and a presence across 336 cities, our deep understanding of consumer behavior and needs uniquely allows us to deliver innovative insurance products that create value for our customers.”
The company has been rapidly expanding beyond its mobile-enabled ride-sharing business to new markets such as food delivery and financial services. The company has also announced it will expand into cross-border remittance and online healthcare.
Earlier this year, Grab secured a $50m strategic investment from Kasikornbank to launch a new portfolio of FinTech services.
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