Grab Philippines said Tuesday it teamed up with two insurance firms to provide flexible insurance products to driver-partners and their loved ones.

Grab Partner Cover Plus, underwritten by BPI AIA and Chubb, shields Grab partners from a wide range of safety and wellness problems that may impact their livelihoods

Grab Philippines said that based on a recent survey among its mobility and delivery partners, it discovered that only seven percent owned an insurance plan.

When asked about what are their top reasons for not availing of insurance, respondents cited high premiums, insufficient understanding about the product and difficulties in the claim process. However, eight of 10 partners are very much keen to purchase their own insurance plan.

Grab Partner Cover Plus is Grab’s initiative to help its driver and delivery-partners overcome their roadblocks in having an insurance plan for themselves and their families

“Our partners deserve to have the capability to safeguard their future while having a sustainable livelihood on our platform. We have recently rolled out our social protection program with SSS, PhilHealth and PAGIBIG,” said Grab Philippines country head Grace Vera Cruz.

“And we are optimistic that through cost-effective insurance solutions such as Partner Cover Plus, and our ongoing insurance programs for our partners, we are providing our partners with an opportunity for a holistic and reliable protection, so they can pursue their goals and enjoy life with greater peace of mind, ” she said.

Monthly payments for the insurance plan, which go as low as P125, can be automatically deducted from the driver Grab Driver App Wallet.

“BPI AIA is honored to partner with Grab to address the life insurance protection gap among their partner drivers and their families. In line with our mission to make insurance easy to get and easy to have, we have provided them with a simple and accessible way to get insured digitally via the Grab Driver App,” said BPI AIA chief executive Karen Custodia.

Edward Ler, executive vice president and head of Southeast Asia for Chubb, said: We are delighted to further evolve our partnership with Grab and applaud their unwavering commitment to providing their drivers, delivery partners and their families with easy access to financial wellbeing protection.”

“This multi-partner alliance is a great example of the value of Chubb Studio’s single-point of integration technology – making embedded insurance just as easy for Grab and Chubb as it is for their drivers and delivery-partners,” he said.