NTUC Income and GrabInsure have partnered to provide a critical illness microinsurance product for ride-hailing firm Grab’s drivers.
Known as Critical Illness: Pay Per Trip (CIPPT), the product is exclusively available for Grab’s drivers between the ages of 18 and 75, the firms said in a joint statement. The microinsurance plan operates on a pay-per-trip premium model and provides accumulative coverage proposition.
Three premium rates – SG$0.10, SG$0.30 and SG$0.50 per trip – are available with a fixed sum assured, and drivers can accumulate the corresponding insurance coverage with each trip they complete. Premiums will be automatically deducted from their in-app cash wallet after each trip.
“[Drivers] see the value of insurance protection but are hindered by a lack of affordable options that give them the flexibility in premium payment and coverage. Some of them are also discouraged by the application processes of insurance plans,” said Yee Wee Tang, country head of Grab Singapore. “GrabInsure’s latest product, CIPPT, is created to address these specific concerns. Together with NTUC Income, we want to ensure that our driver-partners have easy access to an insurance plan that is affordable, convenient to apply and cater to their need for flexible cash flows.”
“The option to stack insurance coverage by paying premiums at micro-quantum is an innovative way to offer Grab driver-partners critical illness protection without incurring a substantial outlay from their monthly income,” said Peter Tay, Income’s chief digital officer. “This approach resonates with people who prefer to have flexible cash flows to see to other financial commitments but yet at the same time, want to benefit from insurance protection.”
GrabInsure is a digital insurance marketplace set up by the joint venture between Grab and ZhongAn Technologies Insurance International.
