Grab Scales Embedded Insurance Across Hundreds of Millions of Transactions

The Requirements

Scalable Intermediary Platform to Deliver Tailored Protection

Grab is committed to making everyday services accessible and convenient for its users, empowering millions across Southeast Asia to live, move, and transact seamlessly through a single super app.

To extend this mission to financial protection, Grab aimed to make insurance accessible to its users and required a platform that supports:

• Comprehensive support for traditional and innovative insurance products across all insurance product lines

• Holistic configurability to quickly launch, test and iterate insurance propositions in a dynamic environment

• Open architecture and extensive integration capabilities to seamlessly integrate with Grab's different services and partner insurers

• High scalability and performance to support hundreds of millions of transactions every year

The Solution

Fusion and Graphene Platforms for Seamless, Embedded, Real-Time and Personalized Coverage

Grab and Peak3 established a partnership in 2019 to scale insurance offerings across the Grab ecosystem, leveraging Peak3's digital-first insurance orchestration platform, Fusion, to enable deeper customer engagement and financial inclusion through embedded insurance distributed from diverse insurance partners. Later, Grab also established its own insurance carrier, leveraging Peak3's insurance core system, Graphene, to power its operations.

“Our mission is to bring relevant and affordable financial services to Southeast Asia. Through this partnership with Peak3, we hope to provide our users, driver-partners and merchants with relevant and affordable insurance protection from life’s uncertainties.”

Reuben Lai

Former Head of Grab Financial

Among the notable offerings, Grab's Ride Cover and Critical Illness Pay Per Trip stand out.

• Ride Cover provides protection against delays and accidents during trips. Grab customers can opt in once within the Grab app, and for every trip thereafter, a micro-policy is automatically issued, with an affordable premium added to the trip fare. If a delay occurs, compensation is automatically paid to the user’s wallet.

• Critical Illness Pay Per Trip provides drivers with a flexible way to accumulate insurance protection through a first-in-market stackable insurance proposition. After a one-time opt-in, drivers can dynamically stack up protection with each trip they complete, boosting their financial resilience.

  
  

Grab customers benefit from Peak3’s platforms

• Customizable Coverage Options: Users can select add-ons and adjust coverage to suit their personal needs.

• Seamless, Event-Triggered Protection: Coverage activates automatically for relevant events, protecting customers without any extra effort.

• Real-time Updates: Customers receive instant coverage details and compensation directly within the app.

The Impact

Scaled Regional Insurance Business Delighting and Protecting Millions of Grab Users Every Month