Insurtech startup launches financial protection product for independent workers
Insurtech startup, Indeez has launched #CoviSure, a COVID-19 financial protection product for independent workers, in partnership with the global insurance company Chubb. Platforms engaging independent workers and small business entrepreneurs, can help them to obtain financial protection against some of the impacts of a COVID-19 infection.
The programme will initially launch in the UK and France and aims to cover various independent workers such as drivers, couriers, freelancers, e-merchants, restaurant workers and cleaners.
The COVID-19 pandemic has exposed new risks and vulnerabilities for independent workers, who often do not have equal access to financial protection.
With #CoviSure, Indeez wants to address the urgent impact of COVID-19 on independent workers and offers some financial protection benefits. In addition, Indeez wants to build a pan-European initiative amongst gig platforms and industry associations engaging independent workers and small business entrepreneurs, to provide access to the protection benefits of #CoviSure. The benefit mitigates some of the financial impact of COVID-19, and can help provide peace of mind for independent workers while they take time to rest and recover.
The first European platforms to offer this protection to their communities are PeoplePerHour. Heetch and Anyti.me. Subscription to the 3-month protection is quick and simple online with a low monthly equivalent cost. The product offers a daily cash benefit, plus an additional lump sum benefit of up to €1,000 (in France) or £1,000 (in UK) in case of hospitalisation, due to a COVID-19 infection.
“The lack of availability of financial protection for independent workers needs to be urgently addressed by private and state actors collectively. At Indeez, we believe that with #CoviSure, we are building a pan-European, cross industry coalition, that will stand to empower independent workers in their everyday lives. What we do in Europe, we hope will be a model for other regions of the world” said Vikas Chhariya, Founder and CEO, Indeez.
Xenios Thrasyvoulou, Founder and CEO of PeoplePerHour commented: “We strongly believe that no one should lose benefits for the sake of flexibility, and we take our responsibility to support the freelance economy very seriously.
"Partnering with Indeez to offer Covid cover that provides financial protection against the effects of the pandemic, is another great step towards our mission. Indeez have put together a highly accessible package that we believe will be crucial to our freelance community, giving them the confidence they are covered for whatever eventualities.”
In a joint statement from Chubb, Janene Blizzard, Vice President Accident & Health, UK and Ireland, Eurasia and Africa, and Dónal Corcoran, Regional Vice President Consumer Lines, Accident & Health, Continental Europe said: “Chubb is delighted to be partnering with Indeez to help deliver financial security to independent workers across Europe. These are challenging times for the entire gig economy, particularly the freelance workforce and their families. The #CoviSure product from Indeez delivers an extra layer of protection when they need it most. And the digital-first approach is strongly aligned to our own ambitions in this space.”