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Insurance in the Gig Economy

Insurance in the Gig Economy

  • June 2018
  • 39 pages
  • ID: 5473898
In this report:
With ##% of gig workers working within the courier sector and ##% in the food delivery sector, should this ruling remain unchanged there is a considerable number of potential policies insurers could capitalize upon.
In the UK, the government will continually review this market to ensure employee rights are protected, so legislation is expected to put more regulation around certain types of gig economy users.

Summary

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Insurance in the Gig Economy

Brief

Technology has paved the way for a additional business/employment model established on matching sellers and buyers of goods and services for discrete and often short-term tasks - known as the gig economy. This model has been facilitated by a proliferation of digital platforms, enabling individuals to earn income from assets they own as well as from skills they can offer.

There are two principal types of gig economy digital platform: asset-based and labor-based.Over time the gig economy has evolved from its origins as a consumer-to-consumer (C2C) market (with consumers demanding goods and services from each other) into a business-to-consumer (B2C) market (with the likes of Uber tapping into underused skills and assets).

Examples can also be found within the gig economy of business-to-business (B2B) transactions, highlighting the various areas covered by the sector and indicating the need for insurance products that are equally different.

The insurance market for gig economy workers remains relatively untapped.It is not dominated by any single provider, and is instead populated with numerous start-ups offering flexible insurance whereby the policy holder only pays for the hours cover is required.

Therefore there is considerable growth potential should an established insurer enter the sector and leverage both their reputation and economies of scale.However, regulation will undoubtedly influence the gig economy - and with it the insurance products workers require.

This means providers must be agile in order to respond to additional developments.

"Insurance in the Gig Economy", report offers an detailed analysis of the thinkable opportunities the gig economy can provide, both from a UK and an worldwide perspective. The topics discussed include the plausible size of the UK gig economy insurance market, the fundamental aspects of developing products tailored for the gig economy, and what events might impact the gig economy in the outlook and what will this mean for insurers.

Overview

- Currently the gig economy is a relatively underserved market with considerable thinkable to grow, particularly given the increase in the number of individuals working in this sector.

- The industry is predominantly serviced by insurtechs that have sought to establish themselves as main providers, yet with the market in its infancy larger insurers could enter as the sector grows.

- The gig economy is not only a additional plausible insurance market for insurers to expand products for. It could also be used to benefit insurers in other ways, including streamlining the claims process.

Great reasons to purchase

- Discover the potential of a market that is currently underserved, but if employment trends continue could be set to grow.

- Identify what elements a gig economy insurance product needs to be successful, as well as what products are currently being offered to gig workers in the United Kingdom (UK) and overseas.

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