Grab Has Sold Over 100 Million Insurance Policies Across SEA
Grab Financial Group (GFG), the fintech arm of Grab, said it has sold a total of more than 100 million insurance policies in Southeast Asia since the service launched less than two years ago.
Since GFG launched its consumer insurance business last year, it has experienced strong growth in the region and is now one of the largest digital insurance distributors in Southeast Asia for its partner d insurance, Chubb.
This milestone shows how integrated finance works within the Grab ecosystem. For example, consumers can purchase and purchase Ride Cover microinsurance for S $ 0.30, when they book a ride on Grab.
Expanding its range of digital financial services
Over the past six months, GFG has launched a number of consumer financial services products, such as microinvestment, third party loans, and buy now, pay later.
This includes its first micro-investment solution, AutoInvest – offered by GrabInvest – a solution that allows users to invest small amounts of money while spending in the ecosystem of Grab.
GFG has also extended its loans to small and medium-sized enterprises (SMEs) to four countries to support its food merchants and payment through working capital loans.
At a time when health is a top priority, GFG launched Hospital Cash Cover, a consumer hospitalization product in Indonesia. Last month, it launched Community Cover, its second critical illness product.
More recently, the Monetary Authority of Singapore (MAS) also awarded a full digital banking license to the Grab-Singtel consortium.
According to Reuben Lai, Senior Managing Director of GFG, Grab’s goal is to “foster financial inclusion by bringing the most comprehensive range of financial services into the daily lives of users, making them accessible, convenient and transparent”.
For example, he unbundled the bank and made it à la carte through fractional micro-products, integrating financing into the Grab services that people use on a daily basis, such as mobility and deliveries.
Financial services are a nascent and long-term opportunity for Grab, especially as more than six in ten consumers in the region are unbanked or underbanked.
GFG is part of Grab’s ambition to be a great app in the region. In addition to financial services, the company also offers transportation, delivery, attraction and hotel reservation services.
Currently, the first “decacorn” in the region has 187 million users on the application as of June 2020. It is present in seven markets and has an 11.4% market share in South East Asia.
Featured Image Credit: Grab
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