target audience: TECH SUPPLIER Publication date: Aug 2023 - Document type: IDC Survey Spotlight - Doc Document number: # EUR151107023
Are Insurers Ready to Ride the Gig Economy Wave of Opportunities?
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Abstract
The IDC Survey Spotlight examines key insights from two surveys conducted by IDC: the Financial Insight Survey, February 2022) and IDC EMEA's Future of Work B2B Survey (March 2022). This summary delves into the gig economy's implications for insurers, revealing both external market opportunities and internal talent development prospects. The gig economy, characterized by short-term contracts and freelancing, has created a chance for insurers to create specialized products catering to gig workers' needs. Traditional insurance may not cover their unique risks and uncertainties such as lack of health insurance, and job stability. Insurers can design tailored health insurance and income protection policies to address these gaps, providing financial security to gig workers during periods of illness or injury. This targeted approach not only benefits the workforce but also creates appealing products for a growing market segment.
Moreover, embracing the gig economy offers insurers the opportunity to bridge talent gaps within their organizations. They can access specialized skills and expertise on a project-by-project basis, including digital AI knowledge and critical roles such as actuaries and underwriters. The flexibility of gig arrangements also enables retired professionals to contribute their experience. This approach creates a dynamic and adaptive workforce, enabling insurers to respond to changing market demands and maintain competitiveness in a rapidly evolving industry.