Compass Underwriting, an independent Accident and Health (A&H) underwriting agency, has partnered with specialist bicycle insurance intermediary Bikmo to provide an accident and injury product for self-employed couriers in the gig-economy.
The cover has been designed specifically for gig-economy platforms such as Deliveroo – one of Bikmo’s existing clients – to cover all their self-employed contractors on a group basis and ensure their couriers receive a similar level of cover to full-time employees.
Compass said the product will allow for online claims reporting and cross-referencing with GPS and earnings data to ensure self-employed workers receive timely and efficient compensation in the event of an injury.
It added that the cover will provide for lump sum payments of up to £50,000 and includes risks such as loss of income from injury, in-patient support, assault, and emergency dental repairs.
Andrew Briant, Managing Director at Compass Underwriting, said: “For too long now gig-economy workers have not been able to access tailor-made protection cover. Compass, working closely with Bikmo and our Lloyd’s capacity have provided a solution.
“It is a major step forward, and we’re delighted to be working in partnership with Bikmo to ensure these workers have access to this innovative and essential cover.”
Rob Grisdale, Head of Partnerships at Bikmo, added: ‘We worked with Compass to together provide a bespoke accident cover solution for a large client in the fast-paced gig-economy industry. We chose Compass because they have great access to flexible underwriters, can react quicker than others, and their ability to manage the claims processes.
“Together we developed the policy to fit the exact requirements and budget of the client. We are very pleased with their service and proven expertise in this market.”
A recent report from data and analytics firm GlobalData found that there are significant opportunities for re/insurers who are quick to tap into the rapidly expanding gig economy market, which is largely served by only a handful of small InsurTech firms at the moment.
