New insurance plan to cover Surge Pricing for Grab Wrinkles on Rainy Days

SINGAPORE: A new insurance plan has been introduced to surge pricing for trips booked on a ride-hailing app Grab on rainy days.

Launched by NTUC Income on Wednesday (Oct 24), the insurance plan – named Droplet – offers a payout of up to 60 per cent of the trip fare or the cancellation fee, or both, if it was raining at the point of pickup .

For a premium of $ 9.60 a day – for at least a day in advance – riders can submit receipts for up to $ 50 worth of wrinkles.

Coverage is for a minimum of two days. NTUC Income said.

"To help consumers make informed decisions about purchasing a droplet," he said.

Riders who purchase the insurance plan, said NTUC Income said, adding that it is more likely to be sourced from the National Environment Agency.

The plan currently only covers wrinkles booked via Grab. More ride-hailing apps will be included by the end of the year, the insurer said.

Riders have up to seven days from the day of the ride to submit their claims. Reimbursements will be made through the PayNow app.

Leveraging Robotic Process Automation technology, NTUC Income said.

"In Singapore, where an average of 167 days of rainfall can be expected a year," he added.