Aussie insurtech company, Coverhero has announced its first product Hustle Cover, an instant and customisable income protection insurance product tailored for freelancers and those in the gig economy.
With more than 1.5 million Australians now working as independent contractors, according to 2018 ABS data, Hustle Cover has been designed to cater to the change in lifestyle and the rise of the contingent Millennial and Gen Z workforce, providing income protection for gig economy workers in the unfortunate event of an accident or sickness. Globally, the gig economy is worth over 4 trillion dollars and is on the rise.
Naby Mariyam, founder and CEO of parent company Coverhero, experienced first hand the devastating effects of income loss as an entrepreneur two years ago and realised that others could fall into the same trap of having inadequate income protection, with claims being hard to access and coverage hard to understand when dealing with traditional insurers. Based on this experience, she was inspired to create a range of insurance products that are relevant for millennials and Gen Z and protect the lifestyle chosen by the self-employed. Hustle Cover is the first product that truly caters to the vulnerabilities of being a gig worker or self-employed. The philosophy of coverhero is to empower individuals to live a balanced life across mental, physical and financial wellbeing.
“While there‘s a long list of pros working as a gig worker or small business owner, such as flexibility and work-life balance, there’s always risks with the unpredictability or losing income due to injury or sickness. With more gig economy workers in the market and the expected growth of the segment, a lot of young people who don’t have income protection insurance or are underinsured are exposed to risk and financial insecurity in this very competitive job market,” said Mariyam.
Hustle Cover offers two personal income protection products to cater to the specific needs of the modern day workforce:
- Gigster for the casual side hustler.
- Hustle Pro for a serious full-time hustler
“Gigster is perfect for side hustlers who get paid by the hour, such as delivery workers, rideshare drivers, street artists or musicians, whereas Hustle Pro is perfect for small business owners, consultants, freelance designers and creatives, fitness trainers, life coaches, and the list goes on,” added Mariyam.
“Insurtech 2.0 is about creating new products that solve real issues in society, like the underinsured gig economy, rather than digitising existing products. At Coverhero, it’s our promise to create new products to cater to these unique lifestyles using financial services and education powered by cutting edge technology. Our purpose is to enable our generation and future generations to live a balanced life by enabling mental, physical and financial wellbeing. That’s why we’ve created Hustle Cover, as it provides Australian gig workers with protection in the moments that matter,” said Mariyam.
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