Singapore-based fintech platform Gigacover has seen a nine times growth in the number of independent workers in its platform since last year, surpassing 100,000 users in Singapore and Indonesia, the company announced on Thursday (15 July).
In a press statement, Gigacover revealed that about 83.9 per cent of the delivery riders in Singapore rate accident coverage as the most important in an insurance plan, whilst 74.3 per cent of riders seek income protection insurance due to illness.
This was among the findings of its survey, which was conducted amongst 1,183 delivery riders in Singapore.
Gigacover noted that over 80 per cent of respondents willing to spend on one of its insurance plans despite their fluctuating income. In fact, close to 90 per cent of respondents said that being covered would encourage them to take more orders.
Over in Indonesia, more than 50 per cent of independent workers cited access to cash and hospital cash as preferred benefits, said the company.
Gigacover saw a threefold increase in the number of earnings advances and micro-insurance transactions in Jakarta in the second quarter of this year.
Citing the World Bank’s 2019 estimates, it highlighted that Southeast Asia’s independent workforce has seen a consistent 30 per cent annual growth, which driven by the COVID-19 pandemic.
“As of 2019 present, approximately 150 million self-employed individuals constitute the region’s workforce of which 50 per cent are underbanked and underprotected, per Google and Temasek’s estimates,” it stated.
Gigacover also announced new fintech offerings for its customers in Southeast Asia, which include earnings advances and productivity loan facilitation. This is on top of the existing insurance solutions to cater to the needs of the growing gig economy.
Among its clients are including Gojek, Foodpanda, and Gogox in Singapore, as well as Lalamove, and AXA Financial Agents in Indonesia.
Co-founder and CEO of Gigacover, Amerson Lin, said the company foresee “a huge growth opportunity” as more millennials are choosing self-employment, and enterprises are embracing a hybrid workforce by taking on more contract staff and contingent workers.
“Over the next 5 years, we hope to expand to several more markets across the region and actualise our vision of serving over 20 million users,” said Mr Lin.
Gigacover noted that it has already started the groundwork in the Philippines as part of its expansion strategy in Southeast Asia.