In a move aimed at redefining safety standards within the ride-sharing industry, Ryde Group Ltd (NYSE American: RYDE) has announced a strategic partnership with Singlife, a leading Singaporean financial services company. This collaboration, which was unveiled on July 31, 2024, seeks to offer enhanced protection and peace of mind for both riders and drivers through a suite of insurance services.
At the core of this partnership is the enhancement of RydeSafe, Ryde’s existing safety initiative. Under the new agreement, all Ryde passengers will benefit from complimentary insurance coverage provided by Singlife until September 30, 2024. This initiative is part of Ryde’s broader effort to prioritize rider safety in an increasingly competitive market.
The upgraded RydeSafe program now includes several key benefits. Singlife will offer up to S$15,000 (around $11500 USD) in coverage per passenger in the event of a fatal road accident, while those who suffer total and permanent disabilities from an accident can also receive up to S$15,000. Additionally, passengers who opt into the coverage can claim up to S$1,000 for accident-related injuries. As an added bonus, Ryde will provide S$20 in RydeCoins for any passenger requiring emergency assistance following an accident.
Terence Zou, CEO and Founder of Ryde, highlighted the significance of this partnership. “Our collaboration with Singlife greatly enhances the value we provide to our users, ensuring their peace of mind for every trip,” Zou said. “This partnership is perfectly aligned with our ongoing commitment to user protection, safety, and continuous innovation.”
Singlife, which is known for its innovative approach to insurance, sees this partnership as a crucial step in expanding its reach into the ride-hailing sector. Varun Mittal, Singlife’s Head of Innovation & Ecosystem, described the collaboration as a milestone for both companies. “We are truly excited to work with Ryde on this initiative,” Mittal said. “This partnership not only enhances safety for Ryde’s passengers but also allows us to innovate and create tailored insurance products for the evolving needs of the ride-hailing industry.”
Beyond the immediate benefits of the RydeSafe program, the two companies are already looking ahead to future collaborations. By combining Ryde’s expertise in mobility with Singlife’s strengths in financial services, the partnership aims to introduce new products that will further integrate safety and convenience, thereby increasing customer satisfaction across both verticals.
Founded in Singapore in 2014, Ryde has grown from being the world’s first on-demand carpooling app to a comprehensive mobility platform that includes private hire, taxi services, and delivery options. Notably, Ryde has distinguished itself in the industry by taking 0% commission from private hire and taxi partners, allowing drivers to retain more of their earnings.
This partnership with Singlife represents Ryde’s latest effort to differentiate itself in a crowded market by focusing on safety and user experience. As the ride-sharing industry continues to evolve, such collaborations could set new benchmarks for what users expect from these services.
With this initiative, both Ryde and Singlife are not just enhancing safety — they are setting the stage for what could be the future of ride-sharing in Singapore, where convenience, innovation, and safety go hand in hand.
Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.
