Grab launches affordable motor insurance for its PHV drivers

GrabInsure, the insurance arm of Grab, has launched a Motor Insurance product designed to make vehicle insurance more affordable and accessible for private-hire vehicle (PHV) drivers in Singapore.

Developed from the ground up to address the unique needs of PHV drivers, the product is the first-of-its-kind that leverages historical insights from the Grab platform to deliver personalised pricing based on a driver-partner's track record, while providing greater payment flexibility and round-the-clock emergency assistance.

GrabInsure has said that it developed its product based on three core pillars: Credit-Free Accessibility, Cashflow-Friendly Instalments, and Performance-Linked Premiums. This directly addresses the unique cashflow challenges faced by platform workers and makes motor insurance more accessible to Grab's driver-partners.

Speaking on this, Iwan Juwono, Head of GrabInsure, said: "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."