Grab Partners with Leading Insurance Provider, Myanma Insurance, to Provide Personal Accident Coverage for Driver-Partners and Passengers
Grab, Southeast Asia's leading Offline-to-Online (O2O) platform, has partnered with Myanma Insurance, Myanmar’s leading insurance provider, for its group Personal Accident Insurance (PAI) scheme which covers driver-partners and passengers in the case of an unfortunate accident during a GrabTaxi, GrabThoneBane or GrabBike ride.
Yangon, Myanmar, 18 June 2019 – Grab, Southeast Asia’s leading Offline-to-Online (O2O) platform, has partnered with Myanma Insurance, Myanmar’s leading insurance provider, for its group Personal Accident Insurance (PAI) scheme which covers driver-partners and passengers in the case of an unfortunate accident during a GrabTaxi, GrabThoneBane or GrabBike ride. As the first ride hailing company to procure a group PAI policy in Myanmar, covering four-wheel, three-wheel and two-wheel motorbike taxis in Yangon, Mandalay and Bagan as of 1 September 2018, Grab is taking the industry lead to improve safety standards in the country.
Grab has pledged that every ride on its platform in Myanmar is insured, in line with its commitment towards bringing safer rides and wider goal of zero preventable incidents on its platform. The group PAI scheme will bring the following benefits to passengers and driver-partners:
- Grab provides this insurance coverage at no additional charge to its users.
- The group PAI ensures coverage against personal accidents. This benefits drivers who may have purchased individual commercial insurance policies that only cover third-party accidents.
- Under the group PAI, any unfortunate contingency will be covered from the first dollar.
“Our Personal Accident Insurance scheme is an extension of Grab’s long-term commitment to driver and passenger welfare. We are aware that many taxi drivers in Myanmar do not have life or health insurance policies and we are glad to be able to provide them with insurance coverage while they work. For passengers, they can enjoy peace of mind during rides with Grab as they will be protected under our policy from pick-up to drop-off. This makes riding with Grab a safer option compared to hailing a taxi on the street,” said Cindy Toh, Country Head, Grab Myanmar.
Grab’s group PAI policy offers coverage for drivers and passengers in the event of accidental death, permanent dismemberment and bodily injuries as a result of accidents. This Group Personal Accident policy provides the eligible insured person an accidental death of USD 5,000 per person, subject to aggregate limits including US$10 million per occurrence in Myanmar. Each incident will be evaluated individually by Myanma Insurance.
In the case of an unfortunate accident during a Grab trip, Grab advises driver-partners and passengers to contact the Grab 24/7 hotline and the police immediately. Grab will assist claimants with the insurance claim process which includes:
- Collation of the necessary documents such as claim form, medical certificates, original copies of final hospital/medical bills, medical reports (if any), police report/accident report and proof of Grab booking
- Submission of documents to Myanma Insurance and Chubb for review and processing
- Disbursement of the claim amount to the claimant
“I am really grateful that Grab is looking out for us and offering us drivers with insurance coverage in the event of an accident while I’m working, and for the passengers too. For most of us drivers, we think about getting motor insurance for our vehicle to follow the law, but we don’t consider the importance of getting personal accident coverage for ourselves. Now, Grab driver-partners like me will be able to work with the assurance of security,” said Ko Tun Aye Kyaw, a Grab driver-partner of nearly a year.
“I have heard about travel insurance for overseas trips but not for daily taxi rides so I am pleasantly surprised that Grab is providing insurance coverage for passengers. This is very new to the transportation sector in Myanmar and I believe it will go a long way to support drivers and passengers who suffer from accidents with management of hospital or treatment costs. This is yet another positive reason for me to want to ride with Grab!” said Ma Thet Htar Swe, an office executive who uses Grab for her daily commute to work.
Grab’s partnership with Myanma Insurance is the first of its type in Myanmar and represents a significant milestone for the local insurance industry, as Grab is facilitating the transfer of international insurance expertise from its global insurance partner Chubb, the world’s largest publicly traded property and casualty insurance company, with Myanmar’s leading insurance provider. Through this collaboration, Myanma Insurance will get to improve their technology, expertise and contribute towards growing the local insurance sector.
The partnership is also significant in light of the ongoing liberalisation of Myanmar’s insurance sector which has seen five foreign insurance companies granted provisional licences in April 2019 to issue life insurance policies through wholly-owned life insurance subsidiaries.
The lack of awareness in the country is a challenge for the insurance industry’s expansion. Myanmar’s insurance penetration is very low, with only a 0.07 percent share of GDP, while the insurance density is close to $1. Only 86 in 1,000 people have insurance coverage, while road-related deaths and injuries in the country is expected to grow.