GrabInsure, the insurance arm of tech giant Grab, is preparing to enter Singapore’s motor insurance market—a move that could challenge long-standing insurers like Income Insurance.
The company recently joined the General Insurance Association in May, following its receipt of a general insurance license from the Monetary Authority of Singapore in December 2024. These steps signal that Grab is progressing steadily toward launching its own motor insurance products.
In recent months, GrabInsure has begun building a motor insurance team. A job listing shows the company is hiring a senior motor claims lead, a position that reports to the regional head of insurance operations. Based at Grab’s one-north campus, the role will oversee claims strategy, profitability, and internal processes. The new hire will also help develop a motor claims system from the ground up, working with Grab’s Operational Product Technology team.
The company is seeking candidates with seven to ten years of experience in motor claims, as well as strong knowledge of Singapore’s claims and recovery regulations, best practices, and industry trends.
According to industry insiders, GrabInsure is also working with headhunters to recruit actuaries and underwriters, with some interviews already underway.
A Grab spokesperson confirmed the company is “in the early stages of exploring motor insurance products, alongside other propositions.” She added that the offerings are being developed to meet the needs of Grab’s driver-partners and that more updates will be shared as plans progress.
Experts believe Grab’s entry into the motor insurance market is a strategic move. The company is expected to leverage its data capabilities, cost efficiency, and large base of private-hire drivers to gain a competitive edge.
Related topics:
