Jan 16, 2019 (China Knowledge) - Chinese online insurer Zhong An will be partnering up with Southeast Asian ride-hailing platform Grab to set up a joint venture in Southeast Asia to sell insurance products via the latter’s platform.
The new online insurance platform is targeted to be first launched in Singapore during the first half of this year before moving to other markets in the region.
Users will be able to browse through and purchase insurance products through the platform without the need for an agent or broker, cutting down on middlemen costs in the sector.
The foray into the online insurance business is part of Grab’s wider business strategy to become an everyday super-app for the SEA region. The company initially started out as a taxi-booking service before expanding into sectors such as ride-hailing and food delivery.
Grab is now looking to break into new sectors such as financial services and online healthcare.
For Zhong An, the joint venture presents the company with an opportunity to break into the SEA market which is home to more than 600 million people. Many Chinese companies are now looking towards SEA as a new market for expansion and Grab provides Zhong An with a strong base for expansion with their large user base.
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