Improving the lives of staff in the gig financial system isn’t only a political concern — it’s additionally changing into a scorching subject for startups.
The newest instance is London-based newcomer Jove, an insurtech which has simply closed a £600k pre-seed from Fuel Ventures and the heads of Octopus Group.
Serial angel Chris Adelsbach and Evelyn Bourke, ex-boss of Bupa, additionally joined the spherical.
Jove is constructing a bundle of “fit for purpose” insurance coverage merchandise for drivers, freelancers and consultants. It will provide every thing from legal responsibility to motor to well being protection on a project-by-project foundation, embedded routinely into courier apps or associate expertise marketplaces like a SaaS product.
It joins a wave of European fintechs concentrating on the gig financial system, feeding off hovering numbers of freelancers fuelled by job losses throughout the pandemic. Early winners embrace Zego — which supplies tailor-made motor insurance coverage to drivers and is now value over $1bn — and Collective Benefits, which sells worker perks for gig staff.
This isn’t the first rodeo for Jove founder Lizhen (Amanda) Cai. Having begun her profession in funding banking at Deutsche Bank, she later turned an entrepreneur, constructing an identical platform for contractors which finally offered to Airswfit, a billion-dollar recruitment agency.
But that enterprise was simply the warm-up, she tells Sifted.
“It was an OK exit, but I want to bring Jove way beyond the next level,” Cai says.
She provides that her first enterprise highlighted the gaps that exist in that freelancer business: “We worked with lots of sharing economy workers… and we found that the majority of the insurance space is not fit for purpose. They need a lot more flexibility, they typically work on a project-by-project or shift-by-shift. There’s very limited live, data-pricing happening in the insurance space. The distribution channel is [also] broken.”
Jove is about to launch in January with two enterprise companions already signed up. The firm says it has constructed an embedded module that plugs immediately into expertise marketplaces and fintech apps, making protection computerized.
The firm will start by providing motor insurance coverage earlier than transferring into legal responsibility (or enterprise) protection and well being.
Taking on the competitors
Jove might be taking part in in an more and more aggressive house. But most current fashions have very particular focuses or are failing to search out the proper audiences, in line with Cai.
“I thought everyone would know Zego, but none of the [drivers we researched] know Zego. The majority of the taxi-hailing companies have an annual policy,” she says.
Instead of particular person pricing, Jove needs to supply an embedded answer that enables firms to have insurance coverage routinely utilized.
“We want to offer a master policy to the likes of Bolt,” she explains.
That ensures drivers are enrolled from the get-go and priced by the precise minute with none extra documentation.
“One of our main USPs is to detect under-insured drivers and workers instantly and ensure full compliance for companies,” Cai says.
Jove may additionally help with the latest scarcity of drivers in main cities by permitting them a simple and low cost onboarding expertise. It prices round £3,000 a 12 months for Uber drivers to get rider insurance coverage, which can deter these eager to work half time.
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As a totally built-in answer, Jove hopes to construct up a wealthy database so it can value accordingly.
The firm additionally hopes to work with escooter rental companies like Voi to supply them “by-the-minute” insurance coverage. It finally hopes to cowl everybody from freelance IT consultants to journalists.
It can even morph right into a B2B2C mannequin — first concentrating on firms, earlier than permitting current clients to purchase add-ons. This is just like the method launched by rival Cachet final 12 months.
Female forerunners
Jove is a part of a brand new wave of women-led insurtechs. Other girls in the European insurtech house embrace:
- Sofie Quidenus-Wahlforss from omni:us
- Megan Bingham-Walker from Anansi
- Sam White from Pukka
- Louise Birritteri from Pikl
- Hedi Mardisoo from Cachet
Notably, Jove bought kickstarted with the help of Sie Ventures, a capital platform that helps feminine founders on their fundraising journey.
Cai, who’s the primary shareholder and initially from Shanghai, has introduced on Duncan Stuart and David Smith as secondary cofounders. The staff is now a complete of six — though Cai is but to rent any girls as staff.