FILIPINO freelancers continue to profit from the advantages of freelancing despite the unpredictability of a continuous income stream and job stability (Platos, The Manila Times, Aug. 27, 2022). In a conversation with Amerson Lin, CEO and founder of Gigacover (gigacover.com/ph), we discussed how they serve the future of work, especially the gig workers, freelancers, and self-employed persons, many of whom lack access to right-sized financial services.
Gigacover, a Singapore-based insurance technology (InsurTech) company, is a technology platform providing protection needs for new businesses and underserved communities. To meet the underserved needs of their clients, they collaborated with insurers to co-create new products in the lines of worker benefits, health insurance, personal accident, indemnity and liability. Among Gigacover’s insurance partners are Etiqa, Mapfre, Malayan, and Mercantile. Existing partnerships with logistics platforms, such as Angkas, QuadX and Pick-A-Roo, are protecting over 15,000 riders to date.
As a freelancer, I don’t belong to any association or organization, so I asked if an individual could apply on their own. Gigacover prefers affinity models by going through a community. “It can be an organization, association, a business, or even an informal group on Facebook. The reason is there is more trust this way. There are people representing the community that we could engage. We could also build structures within that system,” Lin explained. They haven’t rejected individuals who come directly to their website to purchase. Individuals are applying, but these don’t make up the majority of their business. Protection is a volume game. The more Gigacover could get them together as a group, the more they could fight for prices, pre-existing conditions and other benefits.
Top three products in the Philippines include Income Protection Insurance, Health Maintenance Organization (HMO) and Motor Excess (Deductible) Reduction. Income Protection Insurance is specially made to provide daily benefits when the worker is unable to work, because of illness or injury. For as low as P150 per month, inclusions are daily Outpatient Income Benefits and Daily Hospitalization Income Benefits. HMO benefits get access to top-of-the-line health facilities from 1,600 plus hospitals and clinics. For an income range between P20,000 and P30,000 a month, the annual fee for the HMO is P9,000. With the Motor Excess (Deductible) Reduction, it is a cost-effective way for you to remove the financial risk you face with high deductible values on motor insurance policies. Premium is as low as P200 per month.
Since Gigacover specializes in working closely with insurers to co-create products, supported by technology and data analytics, they could provide low-cost insurance at such good prices. One reason insurers could not support micro policies before is that the manually intensive process of handling policies and claims makes it unprofitable for them to do so. Their FAQ explains that their proprietary technology and artificial intelligence systems help solve this problem and allow for creating innovative, differentiated products. Their data analytics also help the insurers they work with to constantly fine-tune their pricing and flag potential fraud, thus bringing great coverage at low prices to the vast majority of honest customers, while helping weed out the few black sheep that try to cheat the system and increase the price of insurance for everybody. One of the more complex systems for insurance companies is the processing of claims because of the involvement of several stakeholders and a lot of paperwork. Responding to this challenge, the InsurTech company offers a backend solution that reduces claims processing time and an advance claim payout feature that allows a two-day turnaround from request submission to payout.
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Positioned to establish leadership in the market, Gigacover is eyeing more partnerships across different industries to offer 360-degree protection for Filipino workers and businesses. According to Lin, plans include product improvements and widening their scope to farmers, teachers, and nurses. Marking its first year of operations in the Philippines this year, the company experienced a 35 percent month-on-month growth in revenues coming from its services and digital insurance and health care products powered by its insurer and health care partners.
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