GrabInsure, the insurance division of Grab, has unveiled a new motor insurance product specifically designed to cater to the needs of private-hire vehicle (PHV) drivers in Singapore. This innovative insurance solution aims to provide more affordable and accessible coverage by leveraging historical data from the Grab platform to offer personalised pricing based on a driver’s track record.
The new product introduces several key features tailored to the unique challenges faced by PHV drivers, including credit-free accessibility, cashflow-friendly instalments, and performance-linked premiums. Drivers can now pay their insurance premiums directly through the Grab Driver App’s Wallet, eliminating the need for a credit card. This move is intended to enhance financial inclusion and ensure comprehensive coverage for all driver-partners.
Additionally, GrabInsure offers flexible instalment plans, allowing drivers to convert annual premiums into manageable micro-payments. This approach transforms insurance from a significant capital expense into a more affordable operational cost. By recognising and rewarding safer driving and excellent service, GrabInsure extends competitive premium rates to drivers with proven track records.
Iwan Juwono, Head of GrabInsure, stated, “With this launch, we are rethinking motor insurance from the ground up. By leveraging insights on a driver’s track record on Grab, we can offer more competitive pricing to reward safer driving and better service.”
The launch of this motor insurance product is part of GrabInsure’s broader commitment to making essential services like insurance simpler, more transparent, and more affordable for its driver-partner community.
