Financial health provider targets 100,000 self-employed

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FINANCIAL health platform Gigacover Philippines Pte Ltd aims to onboard 100,000 Filipino freelancers this year amid the growing gig economy.

“A growing number of these construction workers are quickly realizing the importance and need for safety nets to provide them with some form of financial security, especially given the volatile nature of their work,” the co-founder said. and CEO of Gigacover, Amerson Lin, at BusinessMirror.

Given the anticipated demand, the company is also expanding its coverage and service offerings this year to meet market needs.

Lin said these include full-time employee benefits, package insurance for e-commerce and logistics partners, and car insurance for owners in the car rental market.

Motor insurance, in particular, is considered crucial given the huge number of construction workers who rent vehicles to support transport and delivery work, he added.

“These products will be underpinned by Gigacover’s innovation capabilities, as well as the company’s deep expertise and experience in other Asian markets, ensuring their relevance for today’s jobsite workers.” , said the head of Gigacover.

Lin stressed the importance of providing insurance coverage for freelancers or construction workers, as they are “safety nets” when they cannot work.

Without paid holidays or medical benefits, he pointed out that insurance can help the self-employed avoid loss of income.

The head of Gigacover, for example, said that its freelancers’ income protection insurance allows workers access to “a form of paid medical or sick leave that is generally only granted to those who are regularized. “.

The financial services provider works in partnership with Etiqa Life & General Assurance Philippines Inc. and Aventus Medical Care Inc. to provide insurance and healthcare options to their customers.

“We are excited to play a leading role in providing inclusive benefits and improving social security for the Filipino workforce. Beyond just a typical insurance provider, Gigacover is a financial platform that works with insurance companies and financial institutions to provide benefits tailored to the gig workforce in South Asia -East,” Lin said.

“We are pleased to partner with Gigacover and provide their members and policyholders with access to medical services at our outpatient clinics. We will continue to work with Gigacover on new relevant and affordable services,” said Racquel R. Cagurugan, SVP and COO of Aventus Medical.

Citing reports, Gigacover noted that the Philippines has the third largest unbanked and underbanked population in Southeast Asia, in addition to having over 1.5 million Filipino freelancers in the gig economy.

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