Gigacover, Generali Partner to Provide Affordable Health Insurance for Freelancers, Entrepreneurs

MANILA, PHILIPPINES – Insurtech Gigacover and Generali Philippines, a leading player in the insurance industry, have teamed up to further democratize access to insurance in the Philippines.

With the partnership, Generali will be able to feature its wide-range of insurance products that are tailor-fit to the needs of Filipino consumers in Gigacover’s platform.

“Gigacover and Generali share the same vision and strategy of leveraging technology and making insurance more accessible to many people and varied industries. In an ever-changing world, the means to get insured also evolves. We will rely on our core strengths – Generali as a trusted, global insurance provider and Gigacover as a transformative platform – to provide Filipinos a more seamless and innovative approach to insurance,” Gigacover CEO and Co-founder Amerson Lin said.

Gigacover’s Freelancer Health Insurance is a comprehensive and tailored insurance solution designed specifically for the needs of freelancers and self-employed individuals. The insurance plan offers a range of benefits and coverage options to safeguard freelancers’ health and well-being while providing peace of mind in an ever-changing professional landscape.

With over 1,600 accredited hospitals and clinics, and more than 30,000 partner doctors nationwide, coverage options include confinement, doctor consultations, diagnostic tests, emergency care benefits, special procedures, new modalities of treatment, annual physical exams, and dental coverage. All of this is available for a low, annual, one-time payment of Php 11,188.

“We at Generali believe in developing comprehensive insurance products at affordable costs. Our partnership with Gigacover allows us to further democratize access to insurance products, driving insurance interest and acceptance, as a whole, in the Philippines,” Generali Vice President Grace Gelle said.

Data from the Insurance Commission (IC) showed that insurance penetration, which refers to the industry’s contribution to the economy, was at 1.72 percent in 2022, while insurance density, or the average spending of individuals on premiums, was still at P3,388.99.

The government recognizes the need to accelerate the development of the industry with no less than the Insurance Commissioner Reynaldo A. Regalado urging the sector to make insurance more accessible to more Filipinos.

Insurtech companies such as Gigacover are best positioned to develop insurance solutions that cater to the needs of the underserved segments of the economy, especially freelance workers and entrepreneurs.

Gigacover has integrated artificial intelligence (AI) and machine learning (ML) to help insurers analyze big data and identify risks quickly and accurately. As a result, risk assessment and management strategies become smart and impartial.

More than getting more Filipinos insured, Gigacover’s system is able to extract data from claims documents and images, calculate and check against limits, detect potential fraud and also decide if advance claims payouts can be done for specific customer groups. This yields higher client satisfaction and also lower loss ratios for the insurers.

“Our goal is to bring quality and affordable insurance closer to the underserved. Our partnership with Generali is a step toward this goal,” Lin said.

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About Gigacover

Gigacover was founded in 2017 in Singapore to bring fairness and stability to independent workers. These include gig workers, freelancers and self-employed persons, many of whom lack access to right-sized financial services. It launched the region's first income protection insurance to meet the needs of the gig economy and has since gone on to serve caregivers, tutors, real estate agents and delivery riders. Gigacover's product suite has also expanded to include earnings advances and payroll accounts. Through technology and data, Gigacover automates distribution, administration and generates insights for risk management in order to bring flexible, affordable and portable benefits to its users. As of 2021, Gigacover has presence in Singapore and the Philippines and is backed by Vectr Fintech Partners, Quest Venture Partners, Alto Partners, M Venture Partners and Farsight Capital.

For more information, please visit: https://gigacover.com

About Generali

Generali Life Assurance Philippines Inc. (Generali Philippines), a subsidiary of leading global insurer Assicurazioni Generali, has been providing life insurance solutions to international and local clients in the Philippines since 1999, and has a solid track record particularly in the group insurance and credit life business. Sustainability is deeply integrated into everything we do: from social and green products, digital – based services, Corporate Social Responsibility, DEI programs, responsible investments among others.

To know more about Generali, visit www.generali.com.ph.

Assuring and Insuring Freelancers’ Future; Gigacover Announces Webinar

MANILA, PHILIPPINES— Gigacover is excited to announce its upcoming virtual webinar, “Freelancing 101: Assured and Insured for the Future,” for freelancers and individual contractors. This webinar aims to introduce the importance of income protection and how Gigacover’s products and services can help informal workers protect their income and assets. The online event will take place on June 30 at 4PM and is open to anyone interested in learning more about the gig economy and protection.

“We are thrilled to host this webinar and bring together freelancers and individual contractors to discuss the importance of income protection and how technology can help them manage risk and protect their income and assets,” said Amerson Lin, Gigacover CEO and Co-Founder. “As the nature of work continues to evolve, it’s more important than ever for individuals to have access to the tools and resources they need to ensure they are both assured and insured for the future.”

In partnership with Upwork Pilipinas-Freelancers, an 800,000-member Facebook community for Filipino freelancers, the webinar will cover the risks and liabilities of freelancing, and how income protection provides a safety net for gig workers. This event is designed to help freelancers navigate the complex world of gig work, as well as provide them with the tools and resources they need to ensure they are both assured and insured.

“Having been immersed in the freelancing world, I am happy to be part of Gigacover’s webinar catering to freelancers to help navigate the challenges, as well as seize the opportunities of the digital era. I have witnessed firsthand the remarkable growth and immense potential work from home scene and freelancing holds. Through this webinar, I hope to share with you my experiences, lessons learned, and practical strategies for fostering success in this ever-evolving landscape,” said Rey Macrohon of Upwork Pilipinas Freelancers.

The webinar is a great opportunity to gain valuable insights and best practices for building a successful freelance career and understanding the risks and liabilities of freelancing and how to manage them. It is open to freelancers and individual contractors of all levels, as well as anyone interested in learning more about affordable and accessible income protection solutions. Registration is free and open to the public. To register, please sign up here.

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About Gigacover

Gigacover was founded in 2017 in Singapore to bring fairness and stability to independent workers. These include gig workers, freelancers and self-employed persons, many of whom lack access to right-sized financial services. It launched the region's first income protection insurance to meet the needs of the gig economy and has since gone on to serve caregivers, tutors, real estate agents and delivery riders. Gigacover's product suite has also expanded to include earnings advances and payroll accounts. Through technology and data, Gigacover automates distribution, administration and generates insights for risk management in order to bring flexible, affordable and portable benefits to its users. As of 2021, Gigacover has presence in Singapore and the Philippines and is backed by Vectr Fintech Partners, Quest Venture Partners, Alto Partners, M Venture Partners and Farsight Capital.

For more information, please visit: https://gigacover.com

Gigacover: Bringing Insurance Closer to MSMEs through Insurtech

MANILA, PHILIPPINES—Micro, small, and medium enterprises (MSMEs) comprise 99.6% of business in the Philippines, employing around 63% of the country's workforce. Despite its significant contribution to the economy, MSMEs often lack insurance, leaving both employers and employees vulnerable to risks in times of emergency.

This is not to say that MSMEs do not care for insurance. A recent study by Manulife found 36% of small business owners in the Philippines found medical, health, or accident insurance a top priority among financial products. Entrepreneurs in this sector are interested in financial protection products but find them unaffordable and complex. 

Gigacover, a regional insurtech firm, shared insights on the fundamental ways technology can change traditional insurance for MSMEs, including tailored-fit digital policies that are more affordable and simple to use.

Rise of digital insurance offers competitive protection for the underinsured 

Digital insurance can pave the way for more accessible and affordable policies. These solutions can be more adaptable to the demands of MSME workers and offer reduced premiums by providing coverage for a particular need and making distribution entirely online.

Insurtechs are also better equipped to develop insurance products that are not being addressed by insurers for several reasons, including lack of data for risk assessment, bureaucratic structure, and regulatory constraints, among others. For instance, as ride-sharing and car-sharing businesses flourished, motor accident risks increased. Gigacover’s Collision Damage Waiver (CDW) product suite helps drivers reduce accident liabilities, improving their financial security.

Seamless management of insurance in unified platform 

Customers don't always know when to use insurance products, therefore MSMEs should review their policies on a regular basis to make sure they are valid when the time comes. Analyzing existing policies will also help entrepreneurs better understand new uncovered risks as the business scales up.

However, basic tasks such as reviewing benefits, claims filing, and other processes conventionally require assistance from insurance agents. Gigacover helps companies better administer their insurance through online applications where key processes such as viewing policy information and editing subsidy caps can be done to help businesses act more quickly on their needs. The technology behind it plugs in insurers, lenders, and health maintenance organizations (HMOs) into the unified platform for easy access and administration.

Simplifying claims settlement through AI and big data

One of the most innovative ways insurtech is disrupting the insurance industry is by integrating artificial intelligence (AI) and machine learning (ML) to help insurers analyze big data and identify risks quickly and accurately. As a result, risk assessment and management strategies become smart and impartial. 

Gigacover’s system is able to extract data from claims documents and images, calculate and check against limits, detect potential fraud and also decide if advance claims payouts can be done for specific customer groups. This yields higher client satisfaction and also lower loss ratios for the insurers. 

Amerson Lin, Co-Founder and CEO of Gigacover, shared, “By addressing the complexity and high costs associated with insurance, we make insurance more accessible to more Filipino MSMEs. We champion financial inclusion for MSMEs because protecting the vulnerable workers in this sector from health and income risks also financially protects the company, enabling MSMEs to grow sustainably and contribute to improved economic development.”

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About Gigacover

Gigacover was founded in 2017 in Singapore to build digital insurance programs for emerging segments. These include the gig/freelance industry, the mobility sector and now tech companies. Gigacover launched the region's first income protection insurance to meet the needs of the gig economy and then collision damage waiver for the mobility industry. Through technology and data, Gigacover automates distribution, administration and generates insights for risk management in order to bring flexible, affordable and portable benefits to its users. As of 2023, Gigacover has presence in Singapore and the Philippines and is backed by Vectr Fintech Partners, Quest Venture Partners, Alto Partners, M Venture Partners and Farsight Capital.

For more information, please visit: https://gigacover.com