I get to write some really fun stuff. It's not often you will see headlines like this, but it got my attention from the FT over my summer holiday.
Importantly, the message here is all about the sharing (or gig) economy. I don't think a week has gone by over the last few months where we haven't seen this in the news. While there are many issues and challenges to solve, for those that embrace it by choice, it truly offers a significant shift to how we live and work. With that comes a change to how we buy and insure ourselves and possessions.
For years, one of the easiest examples would have been 'single trip' travel insurance versus an annual policy that you may use once or twice per year. With this shift, we keep bringing down the units in which we are covering, both the duration and the items covered - giving us ultimate transparency and choice. Some could argue it adds more complexity when a blanket cover has most stuff covered.
Equally, around the same time - Trov, one of the early InsurTech darlings shared their year 1 highlights which is both a great infographic and presents some really interesting numbers from a relatively new market;
- People have added $3.6b worth of items to Trov
- 31m of gadgets are covered already
- New Items protected is growing at 55% per month
- Personal tech is dominating with some great brands covered
I must declare, I'm an active customer and love it - it's simple and straight forward, but more importantly we are driven to this as our standard policy excludes all our tech, e.g. iPads and iPhones. When we packed up all the kit for holiday, we realised very quickly with multiple iPads, iPhones, Digital Cameras and more - you have a rucksack of expensive kit that wasn't going to be covered. A few clicks later and hey presto, all covered, underwritten by a brand I trust. For me its a real win win. It's visual and transparent - so it give us the opportunity to turn on cover easily, and turn it off when we got home.
I'd argue, telematics could also fall into this - with a core cover and flex for the miles you use. It's a true shift to the on-demand utility economy. Examples of this include ByMiles or the subscription service from Cuvva.
Given the new round of funding raised earlier this year, and the move from gadgets and personal tech into more traditional products such as home and motor, I see this level of transparency, flexibility and engagement being a real win in the new economy - whether you're a supermodel on a job for the day, or just a good old fashioned Dad like me!
Given my recent holiday, powered by Trov, AirBnB, Avis & HomeAway, I feel like the modern supermodel Gig Economy Dad!
I'm looking forward to seeing how these develop over the next few years.
Are we misunderstanding the endgame of the annoyingly named “gig economy”? At the behest of the UK government, Matthew Taylor’s review of modern working practices was published this week. The title could easily have graced a report from the 1930s, and the review is in many ways a conservative document, seeking to be “up to date” while preserving “enduring principles of fairness”.