Reinsurance News

Aon partners with insurtech Bunker to target on-demand economy

26th July 2019 - Author: Matt Sheehan

Aon has entered into a new commercial partnership with Bunker, a business insurance and compliance platform for independent workers and enterprises, to target the growing on-demand, sharing economy.

Aon logoThe agreement provides Aon and its clients with access to Bunker’s compliance platform and Live Certificate of Insurance, which ensures an organisation’s contractors, independent workers, and vendors are compliant with insurance standards in real-time.

In return, Bunker will be able to expand its reach through Aon’s enterprise network and risk management expertise.

“Working with Bunker provides Aon with capabilities to serve Digital Economy players,” said Jillian Slyfield, Aon’s Head of the Digital practice for its US Commercial Risk team.

“The growth of the on-demand economy is changing the way many people work, and we are excited to partner with Bunker to better serve this growing segment of workers,” she added.

The on-demand economy is fast-growing, with about 56.7 million Americans (35% of the U.S workforce) working independently in 2018, according to a survey by The Freelancers Union and Upwork.

Aon and Bunker believe that insurance has been a primary barrier to how an organisation manages their contingent labour.

Their partnership will enable Aon to help its clients manage proof of insurance in real-time, streamlining a process that has historically been manual.

In addition to automating the insurance verification process, contractors and vendors are able to easily comply with requirements through usage-based insurance products that are embedded digitally in an organisation’s onboarding process.

“We’re grateful for the opportunity to work with Aon and help serve clients in the dynamic and expanding on-demand economy,” said Chad Nitschke, Co-Founder & CEO of Bunker.

“Whether you’re a gig economy platform, a Fortune 500 company leveraging contingent workers, or a general contractor managing subcontractors – Bunker ensures that your independent workforce is instantly insured and 100% compliant,” Nitschke continued.

“Matching Aon’s scale and expertise with Bunker’s technology is a win/win for those companies.”

Headquartered in San Francisco, California with a second office in Madison, Wisconsin, Bunker is backed by investors including Comcast Ventures, Route 66 Ventures and Spero Ventures, as well as insurance companies such as American Family Ventures, Chubb, and Hiscox.

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