Editorial by Rick Huckstep
There is nothing new about freelance workers. Individuals who want to earn a few bucks on the side or fund their whole lifestyle using the key resources at their disposal; their time, effort and energy. However, it was the introduction of the iPhone in 2007 that proved to be the catalyst for the gig economy going digital.
A decade on and we have global brands that could never have achieved the scale they needed to become household names without the digital mobility enabled by a smartphone. And of course, this has changed some of the fundamental and established ways of working, none more so than in insurance.
For this month’s InsurTech Insights, my article features a conversation with Inshur, a specialist InsurTech platform backed by Munich Re Digital Partners, that serves the ride-share platforms in New York and London. Hot off the heels of the Uber and Lyft IPOs, I spoke with David Daiches, their COO and co-founder, who explains how Inshur redesigned a totally different approach to providing insurance for a mobile workforce where time is money.
Simona Scattaglia Cartago of KPMG Italy writes in the companion piece about the changing requirements of insurance from the gig economy. Expressing both the opportunities they present to the insurance industry and the challenges for the analogue incumbents who fail to fully embrace digital, Simona’s article defines the key issues facing insurers when looking at the gig economy.
Which, let’s face it, is here to stay. The gig economy will continue to grow and absorb a greater share of the workforce. It’s going to change the nature of working. Inevitably insurance will be redefined to keep pace. It already is.
Chairman, The Digital Insurer
KPMG’s Simona Scattaglia Cartago on the changing requirements for insurance as a result of the gig economy.