To make insurance distribution as seamless as digital payments, insurtech startup Riskcovry partnered with B2B gig marketplace Taskmo to provide their blue-collared workforce with per-day insurance facilities. Using digital infrastructure to embed insurance through APIs, Riskcovry offers the Taskmo workforce with accidental insurance on a switch-on/off usage-based coverage. This insurance facility covers workers during the duration of their work hours – insurance is automatically activated for the relevant workforce upon gig economy workers logging into the app and is active throughout their work. The cover is automatically deactivated when the worker logs off from their day’s work.
Taskmo has been significantly working towards connecting gig economy workers with businesses that need a workforce for various reasons. Using Riskcovry’s platform, Taskmo will provide complimentary insurance as a value-added service to all of its workers when they need the protection the most – while at work doing myriad physical tasks. The insurance covers Accidental Death, OPD, Hospitalisation, Permanent Total Disability arising from accidents, and Ambulance Services for a sum insured of Rs. 2 lakh.
Commenting on the announcement, Asif CH, CTO, Riskcovry, says, “The Taskmo use case is a great example of embedded insurance provided as a value-added service to their users. Our API-first tech stack allows our distribution partners to launch new embedded insurance use cases in a matter of days. The speed of integration and the value of the insurance solution provided by Taskmo to its blue-collared workforce is exceptional. Like everything else, it really starts with our partners’ intent to avail insurance to protect against unique risks inherent in their business model, and partner with an insurtech infrastructure platform like Riskcovry to render the solution well.”
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The gig economy is projected to grow at a CAGR of 17% and is likely to hit a gross volume of $455 billion by 2023. And in the background of this growth, there is an increasing need for companies to increasingly focus on offering essential services such as health and insurance benefits. Till March, 64,424 Taskmo workers have been insured under the per-day insurance policy initiated through the partnership.
