Chubb will offer insurance to on-demand drivers in South Asia as part of a new partnership. QBE North America is expanding its product offering for multinational companies. U.K.-based startup Flock launched what it is billing as Europe’s first “pay-as-you-fly” drone insurance product.
Chubb is partnering with Grab, an on-demand transportation and fintech platform based in Southeast Asia.
The deal will enable Grab to offer insurance products to its driver partners. They’ll be able to use the Grab app to select different insurance options to protect their vehicles, livelihoods and families, with access to coverage including loss of income insurance, per-ride schemes, personal accident policies and motor insurance.
Additionally, Chubb and Grab will explore ways to leverage technology from Grab’s platform including telematics, machine learning and predictive analytics, with a goal of offering insurance products designed for specific needs of South Asia’s private-hire vehicle drivers.
The partnership was announced as part of the launch of Grab Financial, the fintech platform within the Grab ecosystem.
Right now, Grab offers services in Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.
QBE North America is expanding its product offering for multinational companies.
QBE Global Connect is a new foreign casualty package including general liability, excess auto and foreign voluntary compensation coverage elements.
The specialist insurer launched its first multinational product, focused on directors and officers, in late 2016. Its new offering expands into casualty lines and will include a dedicated team of underwriters focused on developing customized coverage for customers.
Flock, a London-based startup, has launched what it is billing as Europe’s first “pay-as-you-fly” drone insurance product.
The “Flock Cover” smartphone app provides on-demand insurance for commercial drone pilots in the U.K., with policies starting from just $7 for up to eight hours of liability and hull cover.
Mirroring the ease and speed of ordering a ride with Uber, the Flock Cover app takes drone pilots just a minute to set up a profile and purchase fully compliant hull and liability insurance, Flock said in a statement announcing the app’s launch.
Insurance policies are tailor-made to each flight, allowing pilots to customize their policies by selecting a cover duration (between one and eight hours) and public liability limit, ranging from $1.4 million to $13.9 million, Flock explained.
Flock said the Flock Cover app also functions as a flight safety tool for pilots. Real-time risks such as hyper-local weather conditions, nearby ground hazards and restricted airspaces are clearly displayed to the pilot before take-off.
Sources: Chubb, QBE North America, Flock