How Can Insurance Work in a Freelance Economy?

Business Insider Intelligence has put together a list of the top platforms used in the new “gig economy” inside the UK.

Perhaps unsurprisingly, Uber topped the list, as the ride-hailing company was used by 18% of British freelance workers.

Now that we know that freelancing is already the trend, and will only continue to expand going forward, what can we do to adapt? Freelancers don’t have the same social benefits that most full-time professional employees do. Yet many are making just as much money and contributing to the economy in a way that has yet to fully materialize. Fortunately, there are ways for freelancers to achieve a similar level of benefits as those who work full-time, professional jobs. In fact, this conundrum will continue to provide a lucrative opportunity for the entrepreneurial minds out there.

Insurtech startups have been making moves to get into this new and exciting market. Some examples would be US-based Slice, and UK-based Dinghy. Each of these companies provides insurance for the specific needs of gig economy participants. Companies such as these have also been leading the way in personalization, a concept that has exploded in the internet age, and is as applicable to insurance as it is to your Facebook feed. They are able to do this with the help of newer technologies such as AI and chat-bots.

With the help of new technologies, and the push of economic forces beyond any individual’s control, insurance can be made easy for anyone in almost any kind of profession.

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5 years ago
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