ArgoGlobal Assicurazioni S.p.A, a subsidiary of specialty re/insurer Argo Group International Holdings Ltd., is working with InsurTech startup Axieme to provide on-demand, pay-as-you-go insurance for temporary and short-term workers in Italy’s gig economy.

How does the partnership work? Jobs are listed on the “Jobby” digital platform. When a worker accepts a job, they can then activate the insurance cover, which protects them against accidents, illness and liability. Coverage is provided on the platform by Axieme, a Turin, Italy-based specialty broker, while ArgoGlobal provides the underwriting.

The policies are live for the term of the workers’ assignments, although cover also can be extended if their work goes on for longer, explained ArgoGlobal in a statement.

The limits provided to Jobby users are:

• Accidental death of 30,000 euros ($34,317); permanent disability of 30,000 euros with a 5 percent deductible
• Medical expenses of 250 euros ($286) with a 50-euro deductible
• Third-party liability with limits of 500,000 euros ($571,941) with a deductible of 300 euros ($343)
• Pecuniary losses (or economic damage to belongings that occurs during the insured activity) of 500 euros ($572) with a deductible of 20 percent.

“The growth of the gig economy has created a shifting and unpredictable employment environment in which workers lack the traditional protections supplied by employers against unexpected events such as sickness, injury and civil liability,” said Mario Borrelli, underwriting director of ArgoGlobal Assicurazioni S.p.A., in a statement.

“Our innovative collaboration with Jobby and Axieme, which relies on cutting-edge digital technology, offers gig-economy workers across Italy steadfast, trustworthy insurance coverage combined with pay-as-you-go convenience,” he added.

A notable feature of this coverage model is the “social insurance” approach, said ArgoGlobal. Based on the principle of reward, part of the premium is reimbursed to policyholders who do not make claims, which empowers and encourages insureds to adopt more prudent attitudes, added the company.

To date, more than 4,500 hours of coverage have been provided to some 600 gig workers, said ArgoGlobal Assicurazioni, which first announced its partnership with Axieme in September 2018.

ArgoGlobal was optimistic about the future of such an insurance concept, given the fact that it is fast and flexible for users.

Source: ArgoGlobal Assicurazioni S.p.A.