Hi Sarah!
Just sharing my thoughts as a layperson (i.e. I am not a Financial Adviser, nor a guru, but just another consumer like you :))
I personally do not think the offering is enticing at all.
To be fair to Grab, I will assess it based on the 4 advantages/USPs it has shouted about on its product page:
Seamless Purchase: Get an instant quotation and purchase directly from the Grab App
Convenience: Store your own and your travel companions’ profiles for easy future purchase
Competitive Pricing: Premiums start as low as S$2.50 per day
Loyalty Rewards: Unlock discounts and offers for your next purchase
Seamless Purchase
To be honest, many insurance companies (and insurance comparison sites) today offer Mobile-optimised sites or even dedicated Mobile apps (e.g. Aviva or FWD).
Convenience
Similarly, the feature of storing traveller profiles is not unique to Grab alone; hence this is not unique to Grab. However, given the extensive reach of the Grab in mobile phones across Singapore, I must give merit to Grab here for this point because it reduces the hassle of installing another mobile app; although there is a workaround to this by simply using your mobile web browser and visiting mobile-optimised sites.
Competitive Pricing
Sure, the pricing is competitive. But looking at the price factor alone (and excluding benefit comparisons), this offering surely isn't the cheapest. Furthermore, as Chubb has engaged Grab to be the distributor of this insurance, there are bound to be marketing and advertising dollars that have to be borne by consumers for the business line to be profitable.
Loyalty Rewards
I couldn't find much information regarding the Rewards that may be earned with Travel Insurance transactions, but I believe it is the current 10 points per dollar payout. Using the redemption that provides the most value for these points (i.e. $25 Grab vouchers for Transport or GrabFood), you are looking at around 2.8% cashback - which is decent, but not worth pursuing if you simply want the cheapest single trip travel coverage.
Hope this helps! :)
Hi Sarah!
Just sharing my thoughts as a layperson (i.e. I am not a Financial Adviser, nor a guru, but just another consumer like you :))
I personally do not think the offering is enticing at all.
To be fair to Grab, I will assess it based on the 4 advantages/USPs it has shouted about on its product page:
Seamless Purchase: Get an instant quotation and purchase directly from the Grab App
Convenience: Store your own and your travel companions’ profiles for easy future purchase
Competitive Pricing: Premiums start as low as S$2.50 per day
Loyalty Rewards: Unlock discounts and offers for your next purchase
Seamless Purchase
To be honest, many insurance companies (and insurance comparison sites) today offer Mobile-optimised sites or even dedicated Mobile apps (e.g. Aviva or FWD).
Convenience
Similarly, the feature of storing traveller profiles is not unique to Grab alone; hence this is not unique to Grab. However, given the extensive reach of the Grab in mobile phones across Singapore, I must give merit to Grab here for this point because it reduces the hassle of installing another mobile app; although there is a workaround to this by simply using your mobile web browser and visiting mobile-optimised sites.
Competitive Pricing
Sure, the pricing is competitive. But looking at the price factor alone (and excluding benefit comparisons), this offering surely isn't the cheapest. Furthermore, as Chubb has engaged Grab to be the distributor of this insurance, there are bound to be marketing and advertising dollars that have to be borne by consumers for the business line to be profitable.
Loyalty Rewards
I couldn't find much information regarding the Rewards that may be earned with Travel Insurance transactions, but I believe it is the current 10 points per dollar payout. Using the redemption that provides the most value for these points (i.e. $25 Grab vouchers for Transport or GrabFood), you are looking at around 2.8% cashback - which is decent, but not worth pursuing if you simply want the cheapest single trip travel coverage.
Hope this helps! :)