The rise of the gig economy throughout 2017 identified a variety of issues for both the organizations and the workers who operate within this space, according to GlobalData Financial Services.
One of the most important factors is the need for insurance. The nature of the gig economy means responsibility for obtaining insurance falls on those working within it, yet the majority of products offered by traditional insurers are not tailored to flexible working conditions. As a result, a number of workers are left operating without cover.
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The image of the gig economy frequently portrayed by the media is of individuals working within the food delivery sector who have less complex insurance needs.
However, the reality is much different. Consultancy work is just one example of gig employment that involves more complex insurance needs.
In response, Dinghy recently launched an app targeted at gig workers within the fields of tech and data, creative and media, and consulting and projects, where insurance requirements are often more dynamic than other sectors.
It offers a range of products, including professional indemnity, public liability, cyber liability, and business equipment protection.
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By GlobalDataThe cover allows individuals to turn off their policy when it is not required, for example while they are on holiday. At the end of each month they are only charged for the insurance they have used.
This level of flexibility is likely to become more widespread across the insurance industry as established providers seek to increase their market share within the gig economy. In order to capitalize fully on this space, developing innovative, user-friendly solutions will be essential.
