Gig Economy in Insurance - Thematic Research

Gig Economy in Insurance - Thematic Research

Summary

Mobile devices are facilitating the rapid growth of the gig economy, whereby users share their services and skills in ways that are more economically viable and sustainable. The key players in this sector to date are startups that have spotted the opportunity and established original products. The industry is growing and is set to be huge, but mainstream insurers have been slow to react. There are complications around what defines an employee, and therefore whether parties paying employees for hours or tasks are responsible for basic employee benefits packages or whether this is something the individuals should arrange themselves. The main way in which incumbent insurers have been active in the gig economy is through partnering with specialist startups or directly with gig economy employers.

The gig economy has seen astronomical growth in recent years, as digital advancements and slow growth in wages and employment have seen people - especially those of younger generations - turn to work by the hour or task. But insurers have struggled to get to grips with this new market. Incumbents have generally been slow to act, which has left huge gaps for startups. This report provides in-depth analysis of how the emerging gig economy will shape the insurance industry.

Scope

  • AXA’s 2017 partnership with Uber immediately made every Uber driver in Europe an AXA customer.
  • The expansion of the partnership in 2018 saw AXA offer benefits to all of Uber’s independent partner drivers and couriers in Europe.
  • The increased use of smartphones and apps over the past decade is the key reason why the gig economy has risen to such prominence.
  • High unemployment rates and economic uncertainty in multiple countries are factors contributing towards a change in attitude and the rise in the number of individuals looking for additional or alternative sources of income.
Reasons to Buy
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the market.
  • Be prepared for how regulation will impact the use of automated home devices in insurance over the next few years.


  • Introduction
    • The sharp growth of the gig economy sees startups capitalize
    • Leaders
    • Laggards
  • Players
    • Table Figure 1: Who are the key players in the gigeconomy theme in insurance?
    • Gig economy
      • Table Gig economy
    • What's the difference between the sharing economy and the gig economy?
    • What's driving the gig economy?
  • Trends
    • Technology trends
      • Table Technology trends
    • Macroeconomic trends
      • Table Macroeconomic trends
    • Consumer trends
      • Table Consumer trends
    • Regulatory trends
      • Table Regulatory trends
  • Industry analysis
    • The rise in freelance workers is changing consumers' insurance needs
      • Table Figure 2: Gig workers are vulnerable due to the lack of workers' benefits they receive
      • Table Figure 3: The UK's 4.7million gig workers are spread across a range of sectors
    • Insurers are excited by the potential gig economy market
      • Table Insurers see good potential in the sharing/gig economy
    • Global insurance industry premiums topped $6tn in 2018
      • Table Figure 5: The global insurance industry was worth $6.2tn in 2018
    • Growth of thegigeconomy will create further lucrative opportunitiesfor insurers
    • Car sharing and freelance taxi drivers show no signs of slowing
      • Table Figure 6: Gross bookings on Uber have increased rapidly over the last two years
    • Automation and regulation represent the biggest threats to the industry
    • Freelancersare most interested inprivate health and critical illness in benefits packages
      • Table Figure 7: Part-time workers have less access to company-funded benefits
      • Table Figure 8: Part-time employees would like to be offered more benefits
      • Table Figure 9: Part-time employees are more likely to see benefits as equally important to a basic salary
      • Table Figure 10: The top-ranked benefits are similar for full-time and part-time employees
    • Coronavirus represents a real threat to gig workers
    • Competitive analysis
      • Insurance cover for the gig economy is split between insurtechs and incumbents
      • Incumbents
      • Collaborations between insurtechs and insurers are also on the rise
      • Startups capitalize on gaps in the market
    • Mergers and acquisitions
      • Table Mergers and acquisitions
    • Timeline
      • Table Figure 11: The gigeconomy in insurance story
  • Value chain
    • Table Figure 12: The insurance industry value chain
    • Product development
      • Insurers
      • Regulators
      • Brokers
      • P2P platforms
    • Marketing and distribution
      • Insurers
      • Brokers
      • Aggregators
      • Independent financial advisors (IFAs)
      • P2P platforms
    • Underwriting and risk profiling
      • Non-life insurers
      • Life insurers
      • Reinsurers
    • Claims management
      • Loss adjusters
      • Claims handlers
      • Third-party administrators
      • P2P platforms
    • Customer service
      • Policy management
      • Third-party administrators
      • P2P platforms
  • Companies
    • Public companies
      • Table Public companies
    • Private companies
      • Table Private companies
  • Glossary
    • Table Glossary
  • Further reading
  • Appendix: Our thematic research methodology
    • Viewing the world's data by themes makes it easier to make important decisions
    • Traditional research does a poor job of picking winners and losers
    • That is why we developed our "thematic engine"
    • How do we create our sector scorecards?
      • Table Figure 13: Our five-step approach for generating a sector scorecard
    • What is in our sector scorecards?
    • How do we score companies in our thematic screen?
    • How our research reports fit into our overall thematic research ecosystem
    • About GlobalData
    • Contact us
    • Research
    • Client Services
    • Disclaimer

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