Ryde and Singlife Forge Strategic Partnership That Protects Passengers Beyond Rides

Rhea-AI Summary

Ryde Group (NYSE American: RYDE) has announced a strategic partnership with Singlife, a Singaporean financial services company, to enhance ride-sharing safety and protection. The collaboration introduces RydeSafe, offering complimentary coverage until September 30, 2024, including:

• S$15,000 payout for death in road accidents
• Up to S$15,000 for total and permanent disabilities
• Up to S$1,000 for accident-related injuries
• S$20 in RydeCoins for emergency assistance

This partnership aims to create innovative products combining mobility and financial services, providing a seamless experience for users. Terence Zou, CEO of Ryde, emphasized the partnership's alignment with their goal of prioritizing user protection and safety.

Positive

• Strategic partnership with Singlife to enhance ride-sharing safety and protection
• Complimentary RydeSafe coverage until September 30, 2024
• Potential for innovative products combining mobility and financial services

Negative

• None.

Insights

Financial Analyst

This strategic partnership between Ryde and Singlife is a positive development for Ryde's business model. By offering enhanced insurance coverage to riders, Ryde differentiates itself in the competitive ride-sharing market. This could lead to increased user acquisition and retention, potentially boosting Ryde's market share and revenues. The collaboration also opens doors for cross-selling opportunities in financial services, which could create new revenue streams for Ryde. However, the financial impact of providing complimentary coverage until September 2024 needs to be carefully monitored. Overall, this move strengthens Ryde's value proposition and could enhance its competitive position in the long term.

Insurance Expert

The partnership between Ryde and Singlife represents an innovative approach to embedded insurance in the ride-sharing industry. The complimentary coverage, including S$15,000 for accidental death and up to S$15,000 for total and permanent disabilities, is quite substantial for a free offering. This level of protection could significantly reduce liability risks for Ryde and enhance customer trust. The initiative also aligns with the growing trend of integrating insurance into everyday services, potentially opening new distribution channels for Singlife. As they explore creating innovative products, this collaboration could set a new standard for safety and protection in the ride-sharing sector, benefiting both companies and consumers.

Market Research Analyst

This partnership addresses a important consumer concern in the ride-sharing industry: safety. By offering comprehensive insurance coverage, Ryde is likely to see an increase in customer satisfaction and loyalty. This move could be particularly appealing to risk-averse customers and those who prioritize safety, potentially expanding Ryde's user base. The collaboration with Singlife also positions Ryde to tap into the fintech sector, aligning with the growing trend of super-apps in Southeast Asia. This could lead to increased user engagement and higher customer lifetime value. However, the success of this strategy will depend on effective marketing and seamless integration of these new features into the existing app experience.

SINGAPORE--(BUSINESS WIRE)-- Ryde Group Ltd (NYSE American: RYDE) ("Ryde'' or the “Company"), a technology company with a leading platform for mobility and quick commerce in Singapore, announced a strategic partnership with Singlife, a homegrown financial services company. This collaboration aims to redefine ride-sharing safety and provide unparalleled protection across different insurance services for both riders and driver-partners.

(Photo: Business Wire)

As a cornerstone of this partnership, RydeSafe, Ryde’s flagship safety initiative for riders, is enhanced with complimentary coverage until 30^th September 2024. This unprecedented move underscores both companies’ commitment to prioritizing our rider’s safety.

Enhanced RydeSafe Benefits:

• Singlife Ride Cover pays S$15,000 per passenger in the event of a road accident resulting in death.
• Singlife Ride Cover pays up to S$15,000 to opt-in passenger in the event of a road accident resulting in total and permanent disabilities.
• Singlife Ride Cover pays up to S$1,000 to opt-in passenger in the event of a road accident for accident-related injuries.
• Ryde will provide S$20 in RydeCoins for passengers who require emergency assistance due to an accident.

Beyond the immediate benefits, Ryde and Singlife will cross-collaborate to create innovative products and services that cater to the evolving needs of their respective customer bases. By combining their strength in mobility and financial services, the two companies aim to deliver a seamless and rewarding experience for all users.

Terence Zou, CEO and Founder of Ryde Group, shared, "Our partnership with Singlife significantly enhances the value we provide to our users, ensuring their peace of mind for every trip. This collaboration is a perfect fit with our common goal to prioritize user protection, safety and to drive continuous innovation.”

Varun Mittal, Head of Innovation & Ecosystem at Singlife, said: “We are truly delighted to collaborate with Ryde on this exciting initiative. This marks an important milestone in our partnership; to innovate and co-curate Singlife’s Benefits XP together for Ryde’s passengers. It also demonstrates our team’s commitment towards pushing boundaries. This partnership firmly paves the way forward for our Commerce XP proposition, designed specifically for ride-hailing, marketplace and commerce industries.”

About Ryde Group Ltd

Ryde is a super mobility app founded in Singapore and recognised as the world's FIRST on-demand carpooling app since 2014. As a publicly listed company on the NYSE, Ryde is reimagining the way people and goods move around by offering a full suite of services, including carpooling, private hire, taxi, and delivery. What distinguishes Ryde is its commitment to empowering private-hire and taxi partners by taking 0% commission, ensuring that drivers retain more of their hard-earned earnings. For more information, please visit https://rydesharing.com/.

FORWARD-LOOKING STATEMENTS

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240813271874/en/

For Media Relations:

Media Team

Ryde Group Ltd

Email: media@rydesharing.com

For Investor Relations:

Investor Relations Team

Ryde Group Ltd

Email: investor@rydesharing.com

Skyline Corporate Communications Group, LLC

Email: info@skylineccg.com

Source: Ryde Group

FAQ

What are the main benefits of Ryde's partnership with Singlife?

The main benefits include complimentary RydeSafe coverage until September 30, 2024, offering S$15,000 for death in road accidents, up to S$15,000 for total and permanent disabilities, up to S$1,000 for accident-related injuries, and S$20 in RydeCoins for emergency assistance.

How long will the complimentary RydeSafe coverage be available for Ryde (RYDE) users?

The complimentary RydeSafe coverage will be available until September 30, 2024.

What is the maximum payout for accident-related injuries under Ryde's (RYDE) new insurance coverage?

The maximum payout for accident-related injuries under Ryde's new insurance coverage is S$1,000.

How much will Ryde (RYDE) provide in RydeCoins for emergency assistance due to an accident?

Ryde will provide S$20 in RydeCoins for passengers who require emergency assistance due to an accident.