Amerson Lin started Gigacover together with Chua Cheng Xun to plug a gap in the insurance industry and be well positioned for change. “The future of work is going to be more flexible and independent,” he says, “and freelancers, gig workers and SMEs need more affordable and flexible insurance and healthcare products that protect income-generating ability.”
It’s estimated that 60 percent of workers in South‐East Asia hold informal employment. Such workers not only risk having no income should they fall ill or get injured, but also would have to pay their own way for medical treatment if they don’t have health or hospitalisation insurance. “I wanted to support this group of people by helping with their financial security,” Lin says.
“Insurance is a social good and has a critical role to play in financial security and stability. However, my experiences with insurance have been less than satisfying because of certain agents and a needlessly arduous claims process.”
The MIT alum recognised that he could leverage ai and analytics to create flexible and more affordable insurance policies to address customers’ needs while managing Gigacover’s own costs and risks. Its policies start at just over $2 a week, and provides daily cash benefits of up to $200 per day for 12 weeks if an insured person is unable to work due to illness or accident. Customers don’t have to jump through hoops to make their claims and can also change or stop their coverage any time, without penalty.
Gojek this year partnered Gigacover to provide all its drivers earnings protection insurance should they be on medical or hospitalisation leave.
“I find my work meaningful when I see customers getting their payouts and being able to get on with their lives because of the financial support,” Lin says.
Amerson wears the Panerai Luminor Due — 42mm (PAM00927)