Grab enters Singapore motor insurance market
SINGAPORE: GrabInsure, the insurance arm of the Grab group, is gearing up to enter Singapore's motor insurance market.
Some industry insiders said the move could deal a blow to the dominance of existing players like Income Insurance.
Grab joined the General Insurance Association in May, after it obtained a general insurance licence from the Monetary Authority of Singapore in December 2024.
The developments show that it is on track to launch its own motor insurance products.
The company began hiring staff for a motor insurance team in recent months.
One job advertisement showed it was looking for a lead in motor claims, a senior position that reports to the regional head of insurance operations.
The role, based at Grab's one-north campus, will oversee the company's motor claims strategy, profitability and claims processes. The successful candidate will also work closely with Grab's Operational Product Technology team to build a motor claims system from scratch.
GrabInsure is seeking someone with at least seven to 10 years of experience in motor claims or a related role, and with 'in-depth knowledge of Singapore's motor claims and recovery process, including regulatory requirements, best practices and emerging trends'.
Separately, the company is also said to be working with headhunters to recruit actuaries and underwriters for its motor insurance arm, with interviews already conducted, according to industry sources.
When contacted, a Grab spokeswoman confirmed that the company is 'in the early stages of exploring motor insurance products, alongside other propositions'.
She said these products are designed to meet the needs of its driver-partners, and added that Grab 'will share further updates as plans develop'.
Industry experts said Grab's entry into the motor insurance segment is a strategic bet on its data, cost advantages and captive base of private-hire drivers. — The Straits Times/ANN
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