The rapidly growing technology is changing the lives of people from professional to personal. In this era of digitalization, the aspects of businesses have changed completely. The technology has brought massive transformation, especially in theinsurance industry. Global leaders in the insurance sector are developing digital enterprise portal to meet the future needs with predictive analytics for business development. People are using digital means to for payments, uploading documents, making claims and updating their insurance policies.
Realizing the potential of the digital marketplace, recently ZA International which is the first internet-based insurer of China and Grab which is a leading online-to-offline mobile platformin Southeast Asia region has announced to enter the digital insurance distribution business in Southeast Asia by establishing a joint venture company (JV). A digital market place will be created with this JV which will offer a wide variety of innovativeinsurance products using the Grab mobile app directly to consumers. To tailor the lifestyle needs of Southeast Asian clients specifically, the JV will develop products by collaborating with global insurance partners. A digital insurance platform will be launched by Grab via its mobile app to deliver personalized insurance products to users while ZA International will guide technical assets to build this platform and insight into internet ecosystems to the JV.
The platform will be tested in Singapore at first before being launched in the other markets. It will enable people to get rid of the agents and brokers for insurance products by giving them access to insurance products in their mobile phones. Uninsured or underinsured people can directly browse and pay for their choice of products using the Grab app. This collaboration will allow insurance premium payments to be adjusted and automatically deducted through GrabPay or its affiliate payment partners that will reduce the burden of unaffordable premiums and payment options. To protect its driver-partners from loss of income owing to illness or accident in Singapore, Grab will offer drivers with insurance products. ZA International has taken a big step into the Southeast Asian market through this JV for their business development.