Grab Financial Group (GFG), the fintech arm of Grab, announced that it has sold a total of over 100 million insurance policies across Southeast Asia since launching the service less than two years ago.
Since GFG launched its consumer insurance business last year, the company has grown robustly in the region and is one of the largest digital insurance distributors in Southeast Asia for its insurance partner Chubb.
This milestone shows how embedded finance works in the Grab ecosystem. For example, consumers can purchase and purchase Ride Cover microinsurance for S $ 0.30 when they book a ride with Grab.
Expansion of the suite of digital financial services
Photo credit: grave
Over the past six months, GFG has launched several consumer financial services products, including microinvestment, third-party loans, and products that buy now and pay later.
This includes the first microinvestment solution, AutoInvest – Offered by GrabInvest – a solution that allows users to invest small sums of money while investing in Grab's ecosystem.
GFG has also expanded its small and medium-sized business (SME) loans to four countries to support its grocery and payment merchants with working capital loans.
At a time when health care is a top priority, GFG launched Hospital Cash Cover, a hospitalization product in Indonesia. Community Cover, the second critical disease product, was launched last month.
More recently, the Monetary Authority of Singapore (MAS) also granted the Grab-Singtel consortium a full digital banking license.
According to Reuben Lai, Senior Managing Director of GFG, Grab's goal is "to promote financial inclusion by integrating the most comprehensive suite of financial services into users' daily lives to make them accessible, convenient and transparent".
For example, it has unbundled banking and made it à la carte through fractional microproducts, embedding funding into the grab services that people use on a daily basis, such as: B. Mobility and Deliveries.
Financial services are an emerging, long-term opportunity for Grab, especially as more than six in ten consumers in the region are without or without bank accounts.
GFG is part of Grab & # 39; s ambition to be a super app in the region. In addition to financial services, the company also offers transportation, delivery, attraction and hotel booking services.
Photo credit: Vulcan Post
The region's first “Decacorn” currently has 187 million users in the app from June 2020. It is present in seven markets and has a market share of 11.4 percent in Southeast Asia.
Selected image source: grave