“Gig economy” is a buzzword in nearly every industry at the moment, and insurance is no different. For insurers, particularly Workers’ Compensation insurers, the nontraditional employees making gig work their primary source of income and the companies that employ them present a new frontier.
As the universes of traditional and “gig” work converge, employers and employees alike are looking for a best-of-both-worlds solution. The ideal arrangement would allow employers to hire for the tasks and timeframes they need, and employees to blend the flexibility and autonomy of independent work with some of the stability and benefits of more traditional full-time employment.
This presents an incredible opportunity for the insurance industry to innovate and bring new products to market to support both employers and employees. Everything from data and analytics to new insurance products to efficient claims processing for geographically diverse workforces will contribute to this wave of change in the way we all work, and insurers and insurance technology stand at the cutting edge.
We discuss this trend, and the ways insurers can make the most of it, in more detail in a recent article in Property Casualty 360 – check it out here (login required).