GrabCar drivers to save with new usage-based insurance policy
Matthew Maguire, Partner of NMG’s Actuarial Consulting business and President of the Singapore Actuarial Society, was part of the expert panel at the AXA and Grab launch of usage-based insurance for private-hire car drivers.
SINGAPORE — GrabCar drivers will now be able to pay for their commercial motor insurance according to the mileage on paid trips under a new insurance policy launched on Wednesday (May 11), paving the way for the use of driving data in motor insurance policies, and in encouraging safe driving habits.
This usage-based insurance policy, launched with AXA Insurance Singapore, is being touted as the first of its kind in Singapore and the region. It is expected to help private-hire car drivers who work part-time save up to 30 per cent off commercial insurance premiums and attract more to join the industry.