Gigacover recently announced a partnership with Go-Jek to offer earnings protection to driver-partners

Gigacover, a Singapore-headquartered insurtech startup, has said it has secured an undisclosed amount of funding from led by Vectr Fintech Partners (Hong Kong), with participation from Quest Venture Partners (US) and Alto Partners (Singapore).

The startup will utilise the funds to expand into other Southeast Asian markets. Its vision is to distribute, administer and manage risk for more flexible coverage targeted at underserved and growing economies.

“We believe that, together with angel investor Wong Toon King (FarSight Capital), these investors’ collective expertise and networks in the region will be invaluable in helping Gigacover bring new distribution models and insurance solutions to Southeast Asia,” said Amerson Lin, Co-founder of Gigacover.

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Established in 2017, Gigacover is a digital insurance company which aims to keep expense and loss ratios low using Machine Learning and analytics technologies. With an aim to meet the needs of the gig economy, it has launched a prolonged medical leave income protection product, as well as a suite of general insurance products backed by Etiqa and AXA.

Gigacover recently announced a partnership with Go-Jek to offer earnings protection to driver-partners.

Mark Munoz of Vectr Fintech Partners said: “In Southeast Asia, 60 per cent of employment is in informal employment and growing. The gig economy has governments and companies rethinking pay structures, health insurance and other incentives for their people. Given the trend we believe Gigacover bridges the gaps that currently exist in freelance worker protection, and will help avoid a systemic risk to these countries’ economies.”

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“As more workers make their income from less formal employment; financial solutions need to provide these new informal workers with similar financial benefits to that of full-time workers. Gigacover’s platform allows for financial solutions to adapt and be offered to these informal workers,” added Maarten ‘t Hooft of Quest Venture Partners.

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