In an industrial zone of Singapore, middle-aged men queue up to become drivers for a ride-hailing app on a typical weekday in August. A handful of insurance brokers mill around the office trying to sell them accident policies.
Southeast Asian mobility platform Grab teamed up with New Jersey-headquartered Chubb Insurance in March to sell policies to the app’s users. The Chubb agents in Grab’s Sin Ming office were carrying reams of paper forms for the drivers to fill out longhand.
“The next big theme in fintech is going to be user-based insurance,” said Ashkay Naheta, managing director of strategic finance at SoftBank, a major investor in...
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