AXA Philippines has launched a new initiative to address the insurance needs of gig workers by partnering with Grab, MOVE IT, and PhilPacific Insurance Brokers & Managers, Inc. (Philinsure). Through this collaboration, gig economy participants will be eligible for insurance coverage of up to ₱1 million (approximately $17,000), based on their performance in the platforms’ incentive-driven schemes.
The partnership is facilitated under AXA’s global inclusive insurance arm, AXA EssentiALL, which focuses on offering affordable, tailored insurance products to underserved communities. Operating in 14 markets with more than 14 million customers globally as of 2023, AXA EssentiALL aims to close the protection gap in the gig economy.
Ayman Kandil, President and CEO of AXA Philippines, emphasized that this initiative is part of their broader mission to provide financial security to all workers, regardless of their employment status. He added that the move is a step toward ensuring gig workers have access to the same protections as traditional employees.
Philinsure, an expert in microinsurance, will play a key role in the partnership, bringing its specialized knowledge to ensure the gig workers receive suitable coverage. This collaboration seeks to strengthen the financial safety net for thousands of drivers and riders on Grab and MOVE IT.
The programme is expected to benefit numerous gig workers, offering them peace of mind as they navigate the ever-growing gig economy.
($1.00 = ₱57.18)
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