ZhongAn Online P&C Insurance Co., Ltd or ZhongAn, China’s internet insurer, officially announced that ZhongAn Technologies International Group Limited, its subsidiary, has partnered up with Grab to lead a joint venture (JV) company focussing on digital insurance distribution in Southeast Asia.
The establishment of the JV will offer insurance products through Grab app, allowing users to shop for range of categories with fractionalized premiums on their mobile phones without the need of having broker or agent.
The JV will also opens door to collaborations with global insurance partners and develop products aimed to fulfill Southeast Asian needs in insurance, especially those who underinsured.
The agreement will have ZhongAn International by ZA Insurance bring its technical assets to build the platform and insight into internet ecosystems to the JV. On the other hand, Grab will launch the digital insurance platform through its mobile app and tap its user base and customer insights to allow the distribution of customized insurance products to its users.
“The launch of our insurance platform is part of our commitment to becoming the leading everyday superapp in the region. Our infrastructure and partnership with ZA Insurance allow us to deliver insurance products that create value for our customers,” said Ming Maa, President of Grab, highlighting the company’s focus to expand its super app mission into cross-border remittance and online healthcare for this year.
The digital insurance will allow for insurance premium payments to be adjusted and automatically deducted through GrabPay or its affiliate payment partners.
For a starter, Grab will offer a drivers’ insurance product to its driver-partners in Singapore to protect them from loss of income owing to illness or accident in conjunction with Chubb.
“During the past five years, ZA Insurance has joined hands with over 300 Internet ecosystem partners and exported our technology solutions, with a shared aim to build an insurance ecosystem centered on ZhongAn. We’re confident we can better meet the insurance needs of customers in Southeast Asia, with Grab and other leading insurance companies,” said Wayne Xu, Vice General Manager of ZhongAn
Singapore will be the first country to have the digital insurance rolled out through the Grab app.