Argo Group subsidiary partners with insurtech to offer pay-as-you-go insurance
Argo Group's European subsidiary ArgoGlobal Assicurazioni has partnered with Italian insurance broker Axieme to provide on-demand insurance for temporary and short-term workers in Italy.
Axieme is connected to Jobby, a digital platform available in Italy for temporary workers. Users can activate their insurance via the Jobby platform when they accept a job. Their policies are then live for the term of their assignments, protecting workers while in service. Cover also can be extended if their work goes on for longer.
“The growth of the gig economy has created a shifting and unpredictable employment environment in which workers lack the traditional protections supplied by employers against unexpected events such as sickness, injury and civil liability,” said Mario Borrelli, underwriting director of ArgoGlobal Assicurazioni. “Our innovative collaboration with Jobby and Axieme, which relies on cutting-edge digital technology, offers gig-economy workers across Italy with steadfast, trustworthy insurance coverage combined with pay-as-you-go convenience.”
One feature of the platform is its 'social insurance' approach, where part of the premium is reimbursed to policyholders who do not make claims.
Over 4,500 hours of coverage have been provided to some 600 gig workers so far. ArgoGlobal predicts growth in the concept of on-demand insurance.