China's ZhongAn strikes JV with Chubb-backed Grab

China's first internet-based insurer ZhongAn has entered a joint venture with Grab, a ride-hailing and fintech platform, to launch a digital insurance marketplace in Southeast Asia.

The platform will be launched in Singapore in the first half of 2019, before being rolled out in other markets.

The venture will collaborate with global insurance partners to develop products that are tailored specifically to Southeast Asians’ lifestyle needs. The products will be offered in a range of categories through the Grab mobile app.

As part of the agreement, ZA International, ZhongAn's entity for overseas business development formed by ZA Insurance, will bring technical assets to build the platform and insight into internet ecosystems to the joint venture. Grab will launch the digital insurance platform through its mobile app.

In conjunction with insurer Chubb, Grab will start offering a drivers’ insurance product to its driver-partners in Singapore to protect them from loss of income owing to illness or accident.

Earlier in August 2018, ZhongAn Online P&C Insurance received a strategic investment from Japanese investor SoftBank Vision Fund. Meanwhile Grab announced a digital partnership with P/C insurer Chubb.

“We are very pleased to announce this profound partnership with Grab, the Internet giant in Southeast Asia," said Wayne Xu, vice general manager of ZhongAn, in charge of international business. "During the past five years, ZA Insurance has accumulated rich experience providing a new generation of customers with protection against risks in daily life.

"We have joined hands with over 300 internet ecosystem partners and exported our technology solutions, with a shared aim to build an insurance ecosystem centred on ZhongAn. We’re confident we can better meet the insurance needs of customers in Southeast Asia, with Grab and other leading insurance companies.”

Reuben Lai, head of Grab Financial, said: “Our mission is to bring relevant and affordable financial services to Southeast Asia. Through this partnership, we hope to provide our users, driver-partners and merchants with relevant and affordable insurance protection from life’s uncertainties. As the only digital payments player to have licenses across the six major Southeast Asian countries, we will leverage our regional reach and work with global insurance partners to quickly scale up across our markets.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news AXIS Capital hires new CIO from Chubb
Hiscox, MS&AD invest in insurtech AkinovA

RKH poaches Ed’s head of energy for new unit

Davies acquires claims specialist TMS

Download our survey inforgraphic on 'The Impact of Automation on Commercial Lines'