AMERSON LIN
Co-founder & CEO, Gigacover
Whole industries were disrupted or in survival mode during the pandemic. This saw the needs of our clients evolving drastically, pivoting towards financial security. Working with like-minded partners, we expanded our product offering to include micro-insurance and earnings advances, aimed at boosting stability through earnings protection and access to capital. The pandemic has widened the gap between pockets of society, with independent workers and small businesses bearing the brunt of the impact. Driven by a concerted effort among businesses to continue operations in line with pandemic restrictions, we are also witnessing rapid digital transformation and adoption levels around technology and skills that have accelerated the viability and popularity of gig work. Gig workers and freelancers are a large and growing part of our working population. Yet, many do not enjoy the same level of protection and support extended to salaried employees. We foresee the digitalization of the economy to give rise to opportunities to improve their well-being and inclusivity, such as relooking underwriting criteria and prices for basic insurance as well as eligibility criteria for financing. These can be further enhanced by public sector led efforts and regulation aimed at supporting self-employed individuals.