Insurtech partnership for Argo Group

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Using smartphone to activate insurance
Company brief

ArgoGlobal Assicurazioni, the European subsidiary of speciality insurance and reinsurance underwriter Argo Group, has inked a new partnership with Italian peer-to-peer insurtech firm Axieme. Through the partnership, ArgoGlobal Assicurazioni will offer on-demand insurance services for short-term workers based in Italy.

Axieme makes use of a digital platform called Jobby, specifically catering to temporary workers. Using the platform, workers can activate coverage when they begin a new job, with the policies remaining live for the duration of employment, however long or short that might be; workers also have the option to extend coverage if the assignment goes on for longer than initially planned. The platform takes an approach that it calls ‘social insurance’, whereby policyholders receive reimbursement of part of their premium if they do not make a claim.

“The growth of the gig economy has created a shifting and unpredictable employment environment in which workers lack the traditional protections supplied by employers against unexpected events such as sickness, injury and civil liability,” said ArgoGlobal Assicurazioni’s Underwriting Director Mario Borrelli. “Our innovative collaboration with Jobby and Axieme, which relies on cutting-edge digital technology, offers gig economy workers across Italy steadfast, trustworthy insurance coverage combined with pay-as-you-go convenience.”

While still in its early stages, Jobby has thus far provided cover for over 600 gig economy workers; ArgoGlobal Assicurazioni believes that demand for this type of insurance is set to balloon, and hopes to get in on the ground floor.