Technology has played an important role for this new business and employment model. The current cutting-edge digital online platforms, along with the proliferation of mobile applications, have paved the way for the gig economy by enabling an instantaneous matching of supply and demand, bringing together service providers with people needing those services. Despite the increasing popularity of gig in the labor market space, gig workers still have a host of personal, social, and economic anxieties without the support of traditional employers. This is exactly why this trend may represent a huge opportunity (and there are already key players capitalizing on it) for insurers operating in the accident and health book-of-business (personal accident, temporary incapacity), life (permanent or temporary life insurance) and non-life (general liability).
Goals and Objectives
Partner with the right technology vendors or insurtechs to establish a platform to enable hosts to apply for simple, easy-to-understand insurance coverage for each gig economy circumstance. Ensure consistent experiences across the customer journey across different kinds of mobile devices and channels.
Use Case Summary
Adapt to the needs of a changing marketplace by offering products for the gig economy workers and addressing existing liability coverage gaps.