World-first income protection insurance for workers in the sharing economy launched

World-first income protection insurance for workers in the sharing economy launched | Insurance Business

World-first income protection insurance for workers in the sharing economy launched
A job marketplace has teamed up with an insurance disruptor to provide workers in the sharing economy a world-first insurance offering.

Through the tie-up with Roobyx, Airtasker has expanded their third-party liability insurance offering with income protection insurance to provide the Airtasker community with continuity of income in case they are unable to work due to an injury.

“Whilst Australia leads the way in terms of protection for workers in the full-time labour economy, together with Roobyx we’re now starting the process of bringing these same protections to Airtasker and the sharing economy,” Airtasker CEO Tim Fung said.

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The new offering is available to Airtasker workers directly via the Airtasker platform and reflects the workers' earning patterns in the sharing economy.

Airtasker workers who opt into the program initially select the level of cover and benefits they feel best suits their needs. There is protection against injury causing permanent disability, death, or loss of income.

The platform then calculates the premium based on how much the workers earned the previous week. This system allows for the premium amount scales to be directly in line with the workers' task activity.

“The cost of the Roobyx income protection increases and decreases based on earnings – so people can work as much or as little as they want. This really aligns with our philosophy of creating an entirely flexible structure of work," Fung said.

Maureen Ball from Roobyx said the product launch is an industry-first.

“Rolling out insurance protection for Airtasker workers sounds simple in principle but due to the diverse nature of modern work and some of the inflexibility previously seen in the insurance industry, it’s actually a rather complex endeavour,” Ball said. “We’ve crunched the numbers, and leveraged data to provide a simple solution that workers can easily opt into and benefit from immediately. The insurance products on the market aren’t capable of what we’ve built here with Airtasker. This is a new level of flexibility for the insurance industry that perfectly complements the level of fluidity Airtasker offers workers with its platform.”

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