Grab Holdings Inc. (“Grab”) and ZhongAn Technologies International Group Limited (“ZA International”) has announced that they will establish a joint venture to enter the digital insurance distribution business in Southeast Asia.
ZhongAn Technologies International Group Limited is a subsidiary of ZhongAn Online P&C Insurance Co., Ltd. (“ZhongAn” or “ZA Insurance”, HKEX stock code: 6060), the first Internet-based insurer in China. Grab Holdings Inc., on the other hand, is Southeast Asia’s leading online-to-offline mobile platform, offering services such as ride-hailing/sharing, food delivery, and logistics.
The joint venture of the two companies will create a digital insurance marketplace where users can purchase insurance products directly through the Grab app, eliminating the need for an agent or broker. The joint venture will also collaborate with global insurance partners to develop products that are tailored specifically to Southeast Asians’ lifestyle needs.
As part of their agreement, ZA International 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 and tap its wide user base.
“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,” said Ming Maa, President of Grab.
The platform will be launched in Singapore in the first half of 2019, before being rolled out in other markets.
