In Nov 2023, Singlife partnered Outside to address the insurance gap faced by gig workers. A leading shift-based staffing platform, Outside has over 16,000 users. The partnership aims to transform the gig economy through embedding insurance solutions directly onto platforms, providing gig workers with comprehensive health, life, and income protection coverage at their fingertips.

Connecting with the Gig Workers
 

Who are gig workers? What notable transformations have occurred within the evolving landscape of the gig economy?

 

The global proliferation of digital platforms saw an increase in independent workers seeking flexible, on-demand employment opportunities across various sectors, such as ride-hailing, food delivery, e-commerce, and logistics. These independent workers are commonly known as gig workers.

 

In Singapore, a noteworthy milestone was reached in 2021, with the self-employed population standing at a robust 310,000 individuals. This resulted from a substantial 7.9% surge in the number of self-employed individuals in Singapore between 2020 - 2021. Gig workers make up 13.6% of the local working population, of which, 30,600 individuals were performing roles such as private car drivers, taxi drivers and delivery workers.

“Some of the key gaps identified.”

 

Gig workers often find themselves in a unique financial position, distinct from their salaried counterparts. Unlike traditional employees, gig workers lack traditional work-related benefits such as workplace injury coverage and Central Provident Fund (CPF) contributions. This raises substantial concerns, as it can translate to a shortfall in retirement savings and an inadequate CPF payout, leaving many with an uncertain financial future, ill-equipped to sustain themselves during their later years.

 

Given the substantial presence of gig workers in the labour force, it is imperative to address the challenges they encounter. Click on the link to read the report touching on countermeasures introduced by Singapore’s Ministry of Manpower, as well as our views on how we can support gig workers with adequate protection and comfortable retirement: Financial Freedom for Platform Workers and the Self-Employed

 

 

Connecting to an Idea

Redefining the Approach & Powering through Partnerships - Tapping on the platform companies to enable easy solutions

 

Singlife recognises the importance of strengthening protection for gig workers and has taken a strategic approach to embed insurance solutions directly onto on demand recruitment platforms companies like Outside. By doing so, Singlife aims to mitigate the financial risks associated with on-the-job injuries, illness, and other unforeseen events.

 

Singlife's partnership with Outside involves launching a shift-based insurance solution that seamlessly integrates Personal Accident and Hospitalisation coverage within the Outside App. This innovative approach guarantees automatic coverage for gig workers from the start to the end of their shift work, ensuring comprehensive protection throughout their work engagements.

 

 

“How does it work?”

 

Gig workers using the Outside App can easily browse through available jobs and apply for appropriate shift-based opportunities. Once the job applications are accepted by the respective hiring firms, gig workers are automatically insured throughout the duration of their shift work.

This initiative ensures that gig workers have adequate safety nets in place by offering financial protection, especially for unforeseen events during the contractual working hours.

Connecting for their Financial Freedom
 

“Win-win deal for all stakeholders”

 

Singlife's collaboration with Outside addresses a critical coverage gap, assures platforms and employers with the protection of gig workers while cultivating a more inclusive and resilient gig economy. This has a positive impact on the local gig worker community and is a testament to Singlife’s commitment to innovation and social responsibility.