Social protection for the self-employed has been the focus of the news in recent months. The health and economic crisis associated with Covid-19 has particularly exposed them for a year. In the UK, drivers on the UBER platform have just been given “worker” status, which should give them a certain number of rights. There are also private insurance solutions on this side of the channel such as Covisure, A pension product introduced by insurtech Indeez. Vikas chhariya, Founder and CEO of Indeez answered our questions.
For a year now, the self-employed have been at the forefront of the virus and are obliged to work regardless of their income. Is it the health crisis that sparked the desire to develop a product like Covisure, or is the idea anterior?
The idea is in fact earlier. We founded Indeez to support the growing wave of self-employment: We want to support self-employed and entrepreneurs in their daily needs. Today, The self-employed do not have access to the same level of protection as employees. For example, they do not have adequate income protection in the event of incapacity for work, whether it is a medical, familial, or damaged equipment event that can jeopardize their cash flow. Covid has been highlighting this inequality of protection for a year. #CoviSure was the first obvious cover we had to offer to all independents.
What are the partner platforms today? Which freelancers can benefit from it?
With the start of #CoviSure, our goal was to create an alliance between digital platforms in order to gain access to as many independent employees as possible as quickly as possible. Today we have a dozen partner platforms in France and the UK 500,000 self-employed and entrepreneurs. The initiative continues to grow and we invite other platforms to join this alliance in order to support as many independents as possible during this third wave that we hope will be the last.
How is the subscription going?
#CoviSure can be subscribed to in 2 clicks on the Indeez website. First of all, we passed the offer on to partner platforms and raised awareness in their communities. We have now started a B2C direct subscription [“business to consumer”, de l’entreprise aux particuliers, ndlr] so that all self-employed can protect themselves from a Covid infection.
This insurance formula is closely linked to Covid-19. However, are you already thinking about other types of coverage for the future? (Preventive Insurance, Mutual Health Insurance, Professional Equipment Cover, etc.)
Naturally. #CoviSure was an obvious first step in helping independents. Our goal is to solve the protection of their income, which is a fundamental need to guarantee their way of life. This is Indeez’s mission.
Our insurance platform combined with our European network of insurers enables us to quickly develop innovative coverages – like #CoviSure – and APIsées to cover their loss of income in the event of an accident, illness, epidemic, damaged equipment or important family event like the birth of a child. Medium and long term We want to develop more extensive health / preventive care offers.
“In Europe we are experiencing a social awareness of the status and protection of the self-employed. We need to look at the employment status issue from this angle: does it ensure the sustainability of the independent workforce? “”
Can this independent insurance market become very competitive?
Right now there are few players who focus on the freelance segment. Many do not have the income to prepare their “safety net” in the event of a severe strike. It takes a lot of flexibility to adapt the level of protection to your needs and budget. And technology is key to delivering solutions and creating an optimized disaster experience.
Will UBER’s recent decision in the UK make a difference? Should become self-employed workers?
The Uber decision in the UK seems to answer to us a local situation that is not universal in all of Europe: in particular the statute of the “worker” that was elected and that is halfway between employment and self-employment. Nevertheless, we in Europe experience a social awareness of the status and protection of the self-employed. We need to look at the employment status issue from this angle: does it ensure the sustainability of the independent workforce?
Is the Covisure offer available in other countries? What are Indeez’s ambitions for development in other markets?
#CoviSure is available in France and the UK. In addition to #CoviSure, Indeez now has the ability to develop insurance programs across Europe and the UK. Our goal is to protect the income of 60 million self-employed and entrepreneurs in Europe.
What do you think of the French insurance tech ecosystem?
The French ecosystem is competitive with key players like Alan, Seyna and Luko. It attracts the best talent and investors in Europe. We have decided to settle in France to participate in this wave and make foreign investments in the development of Indeez.
“Our goal is to protect the income of 60 million self-employed and entrepreneurs in Europe”,
Vikas Chhariya, CEO of Indeez.
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