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Agile-backed offering targets gig economy – Daily – Insurance News

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Agile Underwriting Services is the security provider for a soon-to-be-launched product designed for the booming food delivery gig economy.

The pay-as-you-use cover will be available some time next month and is offered by UpCover, an authorised representative of Agile and an insurtech that took part in Agile’s incubator support program to nurture insurance-focused start-ups.

It will be the first time that Agile is underwriting a product for food delivery couriers working through platforms like Uber Eats and Deliveroo. The product provides cover for liability, accident and health as well as the principal equipment used, the bicycle or motorbike.

Head of Casualty Nathan Sommer says it is the right time to launch the product as demand for food delivery services has grown significantly since the economy went into lockdown in March.

“Food deliveries have actually really taken quite a leap in this current environment where people haven’t been able to go to restaurants for dinner, they haven’t been able to go to the pubs,” he told insuranceNEWS.com.au today. “So food delivery is increasingly needed.”

He says the way the product has been designed sets it apart from rival offerings, and will give it the upper hand in the market.

“I think it will absolutely take off very, very, quickly,” Mr Sommer said. “It will be a quick growing product because of the way we have designed the product. Its coverage, its pricing is second to none.

“The UpCover program is the first that we have launched from a pay-as-you-go facility, so it allows the gig economy to be able to renew their policy every month and tailor it as and when they use as opposed to the traditional annual insurance policy.”

According to UpCover, there is a gap in coverage for gig economy workers like food delivery couriers. As they are usually sub-contractors, they often do not have access to the same workplace benefits enjoyed by full-time employees.

And the insurtech is aiming to cater to this segment of the market.

“The gig economy is definitely here to stay and it’s inevitable that people want to protect their source of income and their time, and have the kind of freedom they would not have had if they were working for one person throughout their life,” co-founder Anish Sinha said.

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Collaboration in the Gig Economy

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September 18, 2020

Utmost Software Inc. was the judges’ pick among four workforce ecosystem technology startups presenting in a competition styled after the television show Shark Tank on Thursday. The event was part of the Collaboration in the Gig Economy virtual conference bringing together staffing firms, buyers and HR tech.

All four finalists were chosen from a number of firms to present before a panel of four judges, who picked their top startup.

Utmost provides software that enables enterprise firms to track their extended workforces, which include contingent workers, consultants, contractors and freelancers, among others. Unlike VMS providers, which are typically supplier-paid, the company has a set pricing model that is paid by enterprise firms themselves.

Utmost is also native to Workday and focuses exclusively on Workday customers. In addition, Workday is an investor in the company and Utmost co-founder and COO Dan Beck himself comes from Workday.

That relationship was one thing that caught judges’ attention.

“I like the business, it’s got a built-in customer base,” said Jai Shekhawat, one of the Shark judges. Shekhawat is also founder and former CEO of SAP Fieldglass. However, he did question why Utmost chose its pricing model when enterprise firms are more accustomed to the VMS supplier-paid model.

“I think he has a bright future ahead of him; not easy, but I wish him all the best,” Shekhawat said.

Timing, thoughtfulness and focus were also cited by the other three judges:

  • “Although there was something timely in everything we saw today, Utmost, in particular, I think is really timely to what enterprise customers, HR executives, hiring managers are trying to solve right now,” said Rebecca Henderson, CEO and executive board member at Randstad nv.
  • “All of the startups were really interesting,” said Pete Flint, managing partner of NFX, a venture capital firm. “Utmost stood out, just their thoughtfulness, their experience, their distribution; I think that really stood out. This is a terrific opportunity; it’s a burning need for many enterprises.”
  • “The criteria of innovation, market opportunity and the quality of the presentations made it really tough because some may be more innovative than others and some might have a bigger market opportunity,” said Gary Swart, partner at Polaris Partners, an investment firm. “I think Dan’s focus was a differentiator. The fact that there is not only an innovative solution but a focused go-to-market, not trying to boil the ocean and tackle too much.”

The other finalists presenting to the Shark Tank panel were:

  • Emma El-Karout, founder and CEO of One Circle, a digital community of on-demand HR freelancers.
  • Matthew Mottola, co-founder and CEO of Venture L. The company is described as a Shopify for running freelance businesses that enables freelancers to scale their operations.
  • Alexander Torrenegra, CEO of Torre, a professional network that is friendly for both knowledge workers and blue-collar workers that uses programmatic automatic matching for jobs.

The Collaboration in the Gig Economy Conference ends today.

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Despite economic slowdown, Pakistan’s gig economy continues to shine – Business Recorder

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Gig economy saves Australia’s jobs market, but at what cost?

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Don’t be surprised if employers use the recession to employ more casuals and outsource more work.

(Image: Adobe)

There were three messages in the confusing jobs data for August that emerged yesterday from the Australian Bureau of Statistics. The headline number was dramatically better than any economist, or even the Reserve Bank or Treasury, had predicted.

The first is, despite the claims from the media and the Morrison government that the Andrews government’s lockdown was some profound act of economic vandalism, Victoria’s jobless rate only moved up to 7.1% from 6.8%, with 42,000 jobs lost in that state last month. Hours fell by 4.8% in Victoria, compared with a 1.8% rise across the rest of Australia.

Now there may well be another big fall in Victoria in the September data as the numbers catch up. There will be a clue in the ABS’s next payroll jobs and wages data next week.



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