Insuring Gig Workers, Part 2

Christina Goldschmidt tells us what gig workers want from insurance. (Runtime: 3 min, 41 sec)

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broker on the go podcast

Christina Goldschmidt of Cake & Arrow describes what gig workers are looking for in an insurance product.

Check out Insuring Gig Workers, Part 1.
Related Article: Brokers, avoid possible liability issues with clients involved in sharing economy: RIMS Canada Conference

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Text Transcript

Christina Goldschmidt, vice-president of customer experience and design at Cake & Arrow.

What are gig workers actually looking for in an insurance product? For gig-specific insurance, there are a couple of points that we uncovered from our research.

One is that gig workers want to buy direct. They are on the go; this is something that matches their lifestyle and their work style. They love flexibility, to be totally in control, and have this ability to just buy things at the click of a button. How they do their work, they want their insurance product to be that easy for them as well.

They want custom coverage. Every single gig worker I spoke to has an elaborate story about how they conduct their work and their business, and what it means for them in their life.

So, knowing that about them, and allowing them to think that they’re customizing a product or customizing an experience—even though it might just be “Choose this limit” or “Let’s talk about what these limits mean and what they mean for you”—that kind of thing really resonates with them.

The next thing to know is that they expect flexibility. This should be a no-brainer, considering that their entire work operation is designed around flexibility. But the flexibility needs to come specifically in payments. They really like to pay as you go and know that they can turn things on and off seamlessly if they are not working.

And something that may not yet be possible—but whoever figures this out will do really great in the gig economy—they actually almost want to pay as you earn. So something that’s tied to their variable and flexible work stream would do really well. The idea of being locked into a year-long policy without flexibility to account for the shifts and changes in their work is just going to be foreign to them and will really turn them off from working with you.

Something new and different is that they’re actually willing to share their data. They believe that if you can save them time, they’re going to give you all their information. So they might give you a Facebook log-in, or they might give you a LinkedIn log-in. This is more for technology-connecting apps and APIs and that sort of thing.

But they’re willing to give you that information and allow you to be connected in the app as long as they know that you’re not going to steal their credit card information or their bank account information. You can look at all of their past work history to design a plan that actually meets their needs.

But with that ability to be open, they really actually—and this is, I think, the prime insight—are demanding more value from a relationship with an insurance provider.

Let’s not forget that in just two years, there are projections that say that gig work will account for over 40% of the U.S. labour force—probably around 43%. So there’s huge value in that. There are premiums just sitting on the table for any insurance provider who figures out this mindset and these behaviours to really go and have a windfall and solve this problem for the gig economy.

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