Grab gearing up to enter motor insurance market in Singapore

GrabInsure, the insurance arm of the Grab group, is gearing up to enter Singapore's motor insurance market.

- Joyce Lim

Some industry insiders said the move could deal a blow to the dominance of existing players like Income Insurance.

Grab joined the General Insurance Association (GIA) in May, after it obtained a general insurance licence from the Monetary Authority of Singapore (MAS) in December 2024. The developments show that it is on track to launch its own motor insurance products.

The company began hiring staff for a motor insurance team in recent months.

One job advertisement showed it was looking for a lead in motor claims, a senior position that reports to the regional head of insurance operations.

The role, based at Grab's one-north campus, will oversee the company's motor claims strategy, profitability, and claims processes.

According to the ad, the successful candidate will also work closely with Grab's Operational Product Technology team to build a motor claims system from scratch.

GrabInsure is seeking someone with at least seven to 10 years of experience in motor claims or a related role, and with "in-depth knowledge of Singapore's motor claims and recovery process, including regulatory requirements, best practices and emerging trends".

Separately, the company is also said to be working with headhunters to recruit actuaries and underwriters for its motor insurance arm, with interviews already conducted, according to industry sources familiar with the matter.