Home / Tech News / Insurance platform Collective Benefits raises £3.3M to give gig economy workers a safety net

Insurance platform Collective Benefits raises £3.3M to give gig economy workers a safety net


Insurance platform Collective Benefits raises £3.3M to give gig economy workers a safety net – TechCrunch

The famous phrase “software eats the world” was originally coined to describe how technology gradually replaces the old industrial norms of production. But few realized that when Uber started to ‘eat’ the taxi industry it would also be among the first harbingers of a new wave of what it meant to be ‘employed’. As similar ‘gig economy’ platforms start to eat the old relationship between employer and employee — where some semblance of ‘duty of care’ had developed — the gig platforms have yet to develop much caring for the gig-worker. And as these platforms gain power, do they really want this to look like the re-emergence of serfdom? Gig work is coming to an industry near you, whether we like it or not.

Ideally, we need a new model that can deal with income minimums, benefits, insurance, pensions, etc. which responds to the dynamic way the world of work is evolving.

Collective Benefits is a startup aimed at tackling this growing ‘protection gap’ created by the gig economy where so-called ‘self-employed’ workers must often go without basic benefits such as family leave and sick pay, not to mention mental health support and critical injury pay. 

The startup has today announced the closing of £3.3 million in Seed led by UK-based Stride.VC, alongside existing investors Delin Ventures, Insurtech Gateway and several angels from executives in Uber, Deliveroo, and Urban.
 
Collective Benefits has set out to build a tech platform that gives gig workers access to a full range of affordable, portable protections and benefits which they can carry around with them between the platforms they work on.

So instead of your benefits being tied to one employer, as is the current case, they can apply to any gig economy ‘employer’ someone works for.

It’s also working with a number of on-demand service platforms who are giving their workforces access to these benefits. The startup will use the funding to further its growth and offering for gig platforms. A consumer service aimed at freelancers will follow later this year.

Anthony Beilin, CEO and Co-Founder of Collective Benefits said in a statement: “There are six million self-employed workers in the UK, which includes both higher-paid freelancers and gig economy platform workers. Yet, neither group typically has a safety net – no holiday pay, no family leave, no mental health support, not even paid sick days. We are building Collective Benefits so that the gig economy workers are covered by the same protections typically reserved for full-time employees.”

The company provides a benefits platform for both gig economy platforms and self-employed freelancers (such as sick pay, family leave, and mental health support), but the platform is also designed to boost loyalty to the gig platforms amongst the workers, as well as reduce churn and talent acquisition costs.

Fred Destin, partner at Stride.VC Said: “We’re seeing services platforms gain unstoppable momentum in every segment of our lives, from rides to food delivery to freelancing. We need a new playbook. Collective Benefits addresses one of the core challenges in this brave new world of work, using technology to design and deliver a new type of safety net to all the participants in this fast-growing part of our economy.”

Robert Lumley, Director and Co-founder of Insurtech Gateway, said: “The insurance industry faces a massive challenge in keeping up with the extraordinary growth in self-employment. Collective Benefits has created entirely new insurance products for the self-employed not addressed by traditional insurers and accessible through a flexible tech platform that allows them to get the cover they need.”

The fact this startup has appeared just goes to show the market failure today due to the on-rush of new technology sprinting ahead of regulation. Some 96% of UK self-employed have no income protection, while 93% of UK self-employed have no health or critical illness cover. PWC estimates that self-employed will account for 20% of labour force by 2025.

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With TC Sessions: Robotics + AI 2020 a little over a week away, you likely thought we were finished with our big announcements. Understandably. We have top executives from Amazon and Toyota Research, and some of the hottest startups and biggest VCs. But thereu2019s still some excitement left to announce. On March 3, Disney will […]n”,”protected”:false,”author”:699688,”featured_media”:1950170,”comment_status”:”open”,”ping_status”:”closed”,”sticky”:false,”template”:””,”format”:”standard”,”meta”:”outcome”:””,”status”:””,”crunchbase_tag”:0,”amp_status”:””,”relegenceEntities”:[],”relegenceSubjects”:[],”jetpack_publicize_message”:”A team of Imagineers will discuss Disney’s tech breakthroughs at TC Sessions: Robotics+AI, March 3 at UC Berkeley https://tcrn.ch/38W9ip6 by @bheater”,”categories”:[426985170,17396],”tags”:[6602,12374,1098,24873,384,90436,576705855,576720502,13804,576636521],”crunchbase_tag”:[],”tc_stories_tax”:[],”tc_event”:[576704946],”jetpack_featured_media_url”:”https://techcrunch.com/wp-content/uploads/2020/02/disney_header_1.png”,”jetpack_publicize_connections”:[],”shortlink”:”https://tcrn.ch/38W9ip6″,”rapidData”:”pt”:””,”pct”:””,”featured”:false,”subtitle”:””,”fundingRound”:false,”seoTitle”:””,”seoDescription”:””,”premiumContent”:false,”premiumCutoffPercent”:1,”tc_cb_mapping”:[“slug”:”walt-disney-imagineering”,”cb_name”:”Walt Disney Imagineering”,”cb_slug”:”walt-disney-imagineering-organization”,”cb_link”:”https://crunchbase.com/organization/walt-disney-imagineering”],”associatedEvent”:”ad”:”display”:true,”title”:”1 Week Left To Grab Your Tickets”,”override_link”:””,”date”:1583193600,”link”:”https://techcrunch.com/events/tc-sessions-robotics-ai-2020/”,”status”:”pre”,”title”:”TC Sessions: Robotics + AI 2020″,”termID”:576704946,”event”:1888495,”authors”:[699688],”hideFeaturedImage”:false,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts/1949554″],”collection”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts”],”about”:[“href”:”https://techcrunch.com/wp-json/wp/v2/types/post”],”replies”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/comments?post=1949554″],”version-history”:[“count”:10,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/1949554/revisions”],”predecessor-version”:[“id”:1950414,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/1949554/revisions/1950414″],”authors”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/699688″],”https://techcrunch.com/edit”:[“href”:”https://techcrunch.com/wp-admin/post.php?post=1949554&action=edit”],”author”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/699688″],”wp:featuredmedia”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/media/1950170″],”wp:attachment”:[“href”:”https://techcrunch.com/wp-json/wp/v2/media?parent=1949554″],”wp:term”:[“taxonomy”:”category”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/categories?post=1949554″,”taxonomy”:”post_tag”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tags?post=1949554″,”taxonomy”:”_tc_cb_tag_taxonomy”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/crunchbase_tag?post=1949554″,”taxonomy”:”tc_stories_tax”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_stories_tax?post=1949554″,”taxonomy”:”tc_event”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_event?post=1949554″],”curies”:[“name”:”wp”,”href”:”https://api.w.org/rel”,”templated”:true],”_embedded”:{“authors”:[“id”:699688,”name”:”Brian Heater”,”url”:””,”description”:””,”link”:”https://techcrunch.com/author/brian-heater/”,”slug”:”brian-heater”,”avatar_urls”:”24″:”https://secure.gravatar.com/avatar/eb77d830ad404e16ee7a4c7000b5f49d?s=24&d=identicon&r=g”,”48″:”https://secure.gravatar.com/avatar/eb77d830ad404e16ee7a4c7000b5f49d?s=48&d=identicon&r=g”,”96″:”https://secure.gravatar.com/avatar/eb77d830ad404e16ee7a4c7000b5f49d?s=96&d=identicon&r=g”,”links”:”twitter”:”https://twitter.com/bheater”,”linkedin”:”http://www.linkedin.com/pub/brian-heater/1/a92/94″,”crunchbase”:”https://www.crunchbase.com/person/brian-heater”,”position”:”Hardware Editor”,”cbDescription”:”

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2020″,”slug”:”tc-sessions-robotics-ai-2020″,”taxonomy”:”tc_event”,”rapidData”:”pt”:””,”pct”:””,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/wp/v2/tc_event/576704946″],”collection”:[“href”:”https://techcrunch.com/wp-json/wp/v2/tc_event”],”about”:[“href”:”https://techcrunch.com/wp-json/wp/v2/taxonomies/tc_event”],”up”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_event/449559507″],”wp:post_type”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts?tc_event=576704946″,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_events?tc_event=576704946″,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_video?tc_event=576704946″],”curies”:[“name”:”wp”,”href”:”https://api.w.org/rel”,”templated”:true]]]}}],”ec”:[{“id”:1948211,”date”:”2020-02-24T15:47:42″,”date_gmt”:”2020-02-24T23:47:42″,”guid”:”rendered”:”https://techcrunch.com/?p=1948211″,”modified”:”2020-02-24T15:47:42″,”modified_gmt”:”2020-02-24T23:47:42″,”slug”:”vc-firm-oxx-says-saas-startups-should-avoid-high-risk-growth-models”,”status”:”publish”,”type”:”post”,”link”:”https://techcrunch.com/2020/02/24/vc-firm-oxx-says-saas-startups-should-avoid-high-risk-growth-models/”,”title”:”rendered”:”VC firm Oxx says SaaS startups should avoid high-risk growth models”,”content”:{“rendered”:”

Oxx, a European venture capital firm co-founded by Richard Anton and Mikael Johnsson, this month announced the closing of its debut fund of $133 million to back u201cEuropeu2019s most promising SaaS companiesu201d at Series A and beyond.n

Launched in 2017 and headquartered in London and Stockholm, Oxx pitches itself as one of only a few European funds focused solely on SaaS, and says it will invest broadly across software applications and infrastructure, highlighting five key themes: u201cdata convergence & refinery,u201d u201cfuture of work,u201d u201cfinancial services infrastructure,u201d u201cuser empowermentu201d and u201csustainable business.”n

However, its standout USP is that the firm says it wants to be a more patient form of capital than investors who have a rigid Silicon Valley SaaS mindset, which, it says, often places growth ahead of building long-lasting businesses.



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