S’pore ride-hailing startup Ryde now provides free insurance coverage for its riders

Ryde Technologies has partnered with insurer FWD Singapore to provide free insurance coverage to its ride-hailing passengers.

The coverage will be available until the end of June next year, and offers a S$10,000 payout per passenger in case of accidental death while on a Ryde trip.

Other situations in the protection coverage include up to a S$200 payout for loss of identification documents like passport or drivers licence. There’s also S$20 Ryde Wallet credits provided in the event the trip is disrupted due to an accident requiring emergency assistance.

The move comes as Singapore is set to reopen gradually, and the companies expect the demand for ride-hailing services to pick up.

Ryde said it currently has more than 10,000 driver partners on its platform and its app has been downloaded by more than 700,000 users.

Terence Zou, founder and CEO of Ryde said: “We believe in making daily commute better for all, and one of the ways we can do this is by ensuring customers who book our rides enjoy peace of mind during their journeys with us.”

Terence added that the company is glad to embark on this strategic partnership with FWD and looks forward to other future opportunities.

Ryde eyes IPO next year, amid expansion plans

The carpooling app is said to be targeting for an initial public offering (IPO) next year to generate the funds needed to grow its user base and service portfolio.

The company has processed more than 16 million bookings since its inception.

Ryde said it hit profitability for the first time in the fourth quarter of 2020 and its gross transaction value grew close to four-fold since the start of the Covid-19 pandemic.

The company has claimed its competitive advantage to be its lower fees. It said it charges a 10 per cent commission, as compared to the market average of 20 to 25 per cent. This means that drivers can take home S$9.00 for every S$10.00 made.

Ryde has openly said that it aims to grab 30 per cent of Singapore’s ride-sharing market by 2030, making a direct challenge to claim some share of the ride-hailing pie from major players like Gojek and Grab.

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Featured Image Credit: Mashable