World-first income protection insurance for the sharing economy

Australia’s leading job marketplace, Airtasker has partnered with insurance industry disruptor, Roobyx to launch a world-first income protection insurance product for people working in the sharing economy.

“Whilst Australia leads the way in terms of protection for workers in the full time labour economy, together with Roobyx we’re now starting the process of bringing these same protections to Airtasker and the sharing economy,” Airtasker CEO Tim Fung said.

This policy is a result of an insurer not recognising work on Airtasker. Willie Kuki, a father from Sydney, is a removalist who stopped working for the major companies when he joined Airtasker after purchasing his own truck and made $40,000 in six months on the platform. He says, “I asked my current insurer and they didn’t really recognise work on Airtasker, which is worrying because in my line of work, it’s one injury and you’re out.”

Maureen Ball from Roobyx said this product launch is a first for the insurance industry. “Rolling out insurance protection for Airtasker Workers sounds simple in principle but due to the diverse nature of modern work and some of the inflexibility previously seen in the insurance industry, it’s actually a rather complex endeavour,” she said.

“We’ve crunched the numbers, and leveraged data to provide a simple solution that Workers can easily opt into and benefit from immediately.”

“The insurance products on the market aren’t capable of what we’ve built here with Airtasker. This is a new level of flexibility for the insurance industry that perfectly compliments the level of fluidity Airtasker offers Workers with its platform.”

Airtasker already provides third party liability insurance to all members of the Airtasker community. The new product expands on this to offer income protection insurance for Airtasker Workers should they not be able to work due to an injury.

The income protection insurance product offered by Roobyx is accessible directly via the Airtasker platform and reflects the worker’s earning patterns in the sharing economy. The Airtasker worker initially selects the level of cover and benefits they feel best suits how they work. The premium is calculated weekly based on how much the Airtasker Worker earned in the previous week on the platform.

“The cost of the Roobyx income protection increases and decreases based on earnings – so people can work as much or as little as they want. This really aligns with our philosophy of creating an entirely flexible structure of work,” Fung added.