FINANCIAL health platform Gigacover Philippines Pte Ltd is targeting to onboard 100,000 Filipino freelancers this year amid the growing gig economy.
“An increasing number of these gig workers are fast realizing the importance and need for safety nets to provide them with some form of financial security, especially considering the volatile nature of their work,” Gigacover Co-Founder and CEO Amerson Lin told the BusinessMirror.
Given the anticipated demand, the company is expanding its coverage and service offerings this year as well to meet the needs of the market.
Lin said these include full-time employee benefits, parcel insurance for e-commerce and logistics partners and motor insurance for car rental marketplace owners.
The motor insurance, in particular, is deemed crucial given the considerable number of gig workers who rent vehicles to support ride hailing and delivery work, he added.
“These products will be backed by Gigacover’s innovative capabilities, as well as the company’s extensive expertise and experience in other Asian markets, ensuring their relevance to today’s gig workers,” the Gigacover official said.
Lin stressed the importance of providing insurance coverage for freelancers or gig workers as these are “safety nets” when they are unable to work.
Without paid leave or medical benefits, he pointed out that insurance can help the freelancers to avoid loss of income.
The Gigacover official, as an example, said that its freelancers earnings protection insurance allow workers to access “a form of paid medical or sick leave which is typically only enjoyed by those who are regularized.”
The financial services provider is working in partnership with Etiqa Life & General Assurance Philippines Inc. and Aventus Medical Care Inc. to provide insurance and healthcare options for their clients.
“We are excited to play a leading role in providing inclusive benefits and improving the social security of the Philippines’ gig workforce. Beyond just a typical insurance provider, Gigacover is a financial platform that works with insurance companies and financial institutions to provide benefits tailored to the gig workforce in Southeast Asia,” Lin said.
“We are happy to partner with Gigacover and provide access to their members and policyholders medical services in our outpatient clinics. We will continue to work with Gigacover on relevant new and affordable services,” Aventus Medical SVP and COO Racquel R. Cagurangan said.
Citing reports, Gigacover noted that the Philippines has the third-largest unbanked and underbanked population in Southeast Asia, in addition to having over 1.5 million Filipino freelancers in the gig economy.