Hong Kong listed internet-based insurance company ZhongAn Online P&C Insurance has entered a joint venture with Grab targeting the digital insurance distribution business in Southeast Asia.
Under the agreement, Zhongan Online subsidiary ZhongAn Technologies International will work with Singapore-based online-to-offline mobile platform provider Grab to allow users to buy insurance products directly from the Grab app.
The companies' joint venture will partner with insurers in the region to create a digital insurance marketplace featuring products tailored to Southeast Asian customers based on their lifestyle needs. The venture will target the region's base of uninsured and uninsured residents.
The platform will be launched in Singapore during the first half of the year before being rolled out to other markets. The first product will be a drivers' insurance product offered in conjunction with Chub.
Grab expanded beyond its core ride hailing offering in 2018 to provide users with food delivery, parcel delivery, grocery delivery, content and other diversified offerings. In 2019, the company plans to expand to cross-border payments and online healthcare.
“We are very pleased to announce this profound partnership with Grab, the Internet giant in Southeast Asia,” ZhongAn GM for international Wayne Xu said.
“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 centered on ZhongAn. We’re confident we can better meet the insurance needs of customers.”