Chubb and Grab collaborate for COVID-19

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Joint effort to Reduce Financial Impact for Self-Employed Private-Hire Drivers and Food Delivery Service Providers affected by COVID-19

 

SINGAPORE – Media OutReach – February 19, 2020 – Chubb
announced today its collaboration with its long-term partner
Grab, through its insurance arm GrabInsure, to provide a complimentary Driver Care benefit for all Grab
driver- and delivery-partners under the Group
Prolonged Medical Leave
insurance policy.

This benefit gives
a lump sum pay-out of S$1,000 for Grab driver-partners who have volunteered to
provide the GrabCare service or
S$500 for all other driver and delivery-partner in the event they are diagnosed
with COVID-19. The benefit is automatically available to all Grab driver- and
delivery-partners in Singapore, from today till 19 March 2020.

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This joint
initiative is to aid self-employed private-hire drivers and food delivery
service providers affected by COVID-19, and comes in addition to the list
of income protection measures
which Grab had earlier announced.

Scott Simpson,
Country President of Chubb in Singapore said, “The insurance business is
centred around providing support to insureds in times of need and this is core
to what our commitment sets out to do. In this case, with the evolving
incidence of COVID-19, we want to provide assurance to Grab’s driver- and
delivery-partners that they can count on us during this critical period.”

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Tom Duncan, Head
of Insurance at Grab said, “It is Grab’s priority to always look out for our
driver- and delivery-partners, even more so during this period of uncertainty.
We are heartened that Chubb, as our longstanding partner, is able to come
forward so quickly after the COVID-19 outbreak and work together with
GrabInsure to provide the complimentary Driver Care benefit. Our driver- and
delivery-partners will be able to access the additional insurance coverage
immediately, without further actions required. We hope this will give them a
better peace of mind as they continue to provide their services.”

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About Chubb

Chubb is the world’s largest publicly traded property and casualty
insurer. Chubb Insurance Singapore Limited, via acquisitions by its predecessor
companies, has been present in Singapore since 1948. Chubb in Singapore
provides underwriting and risk management expertise for all major classes of
general insurance. The company’s product offerings include Financial Lines,
Casualty, Property, Marine, Industry Practices as well as Group insurance
solutions for large corporates, multinationals, small and medium-sized
businesses. In addition, to meet the evolving needs of consumers, it also
offers a suite of tailored Accident & Health and Personal & Specialty
insurance options through a multitude of distribution channels including
bancassurance, independent distribution partners and affinity partnerships.

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Over the years, Chubb in Singapore has established strong client
relationships by delivering responsive service, developing innovative products
and providing market leadership built on financial strength.

More information can be found at www.chubb.com/sg.    

Chubb and Grab collaborate for COVID-19 - Brand Spur

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Latest News

Singapore Employees Lack Retirement Support From Companies While Financial Wellbeing Becomes a Top Priority: Aon Survey

SINGAPORE - Media OutReach - 14 April 2021 - Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has released the findings of the 2021 Trends in Retirement & Financial Wellbeing survey for Singapore.


Working adults in Singapore ranked retirement planning as their top priority but an alarming 80% underestimate how much they really need to retire. While retirement support from employers is also lacking, further challenges remain around transparency in group retirement plans' investment offerings and employees foregoing long-term perspectives to seek short-term gains.

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Ashley Palmer, Regional Managing Partner, Retirement & Investments, Asia for Aon, said, ""Employers can have a significant impact on how much their employees save by instilling smart habits and healthy money behaviours. The right long-term savings vehicles, effective communications and financial tools will help Singapore's workforce be more financially resilient in the wake of the COVID-19 pandemic."


The survey identifies three main themes in financial wellbeing and retirement support for Singapore employees.


Financial wellbeing support is the new employee expectation. As a result, close to 40% of employers rank an employee financial wellbeing strategy as their highest priority, followed by emotional and mental wellbeing support. The survey shows that 70% of Singapore employers will formulate or execute financial wellbeing programmes throughout 2021, in line with employee expectations. Companies also view offering a financial wellbeing programme critical in increasing employee engagement and remaining competitive in the talent market.


There is an increasing trend of employer-led supplementary savings plans. Currently, 22% of companies surveyed offer Central Provident Fund (CPF) top-up contributions to citizens and Permanent Residents. But, close to 40% of the working population in Singapore are foreigners who do not have access to CPF and are likely to have foregone their retirement benefits in their home countries. To bridge this gap, and to provide equitable retirement benefits to all employee groups, close to 50% of the organisations surveyed offer supplementary retirement benefits to their foreign staff. Financial services firms are leading in this practice, followed by the technology and the healthcare sectors.


Promisingly, a third of organisations in Singapore are prioritising a thorough review of their supplementary retirement arrangements in 2021.


Alicia Brittain, Senior Consultant & Actuary, Retirement & Investments, Singapore for Aon, said, "Forward-looking companies first need to understand the financial worries of their employees and identify the gaps in their benefits offering. The most effective approaches are aimed at changing individual behaviours towards money and savings and providing accessible programmes and vehicles to deliver sustainable change. For example, when organisations provide retirement benefits as cash-in-lieu, it is most likely immediately spent and so does not form part of an emergency fund or long-term savings for the employees' retirement years. Supplementary retirement plans solve this issue and are more flexible and cost effective - and can also offer contributions above the monthly CPF wage cap to increase employee savings."


Employees in Singapore lack a well-defined default investment strategy. Less than 30% of the surveyed companies in Singapore currently offer their employees an investment choice in their retirement plans, and only 15% of retirement plans have a default investment fund. This leads to employees selecting their own optimal investment funds. They may lack experience in understanding investments, which can lead to misallocating their money and result in inadequate retirement savings or excessive risk taking.


Brittain added, "The key to protecting employees and adding value to savings in any defined contribution retirement plan is a well-defined default investment strategy. This includes frequent performance monitoring, actively managing investment risks and dynamically reducing investment risk as employees move towards retirement."


Notes to Editors

The Aon 2021 Trends in Retirement & Financial Wellbeing for Singapore survey was designed to help organisations understand the unique retirement and financial needs of their Singapore workforce. This tri-annual survey was completed by organisations with employee populations ranging from five to over 4,000 and are based in Singapore. Responding Rewards and Benefits Leaders, HR and Finance Professionals provided feedback and insight on their organisations' financial wellbeing and retirement programmes, interests and concerns. Click here for the full report.

About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Follow Aon on Twitter and LinkedIn


Stay up to date by visiting the Aon Newsroom and hear from Aon's expert advisors in The One Brief.


Sign up for News Alerts here

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