Unveiling Gig Workers' Insurance Gap: Insights from IPQ 7.0

Axis Max Life Insurance Ltd, in collaboration with Kantar, released findings from the India Protection Quotient 7.0 survey. It reveals a substantial protection gap for gig workers compared to urban India, stressing the need for innovative insurance solutions tailored to the gig economy’s unique challenges and structures.

Axis Max Life Insurance Ltd, alongside Kantar, unveiled the seventh edition of the India Protection Quotient survey, revealing stark disparities in insurance protection for gig workers versus urban India. The survey data highlights gig workers' pressing need for insurance solutions tailored to their specific needs.

While urban India boasts a Protection Quotient of 48, gig workers lag behind with a score of 41. Only 69% of gig workers own life insurance against a national urban average of 78%, despite a high inclination towards securing family financial goals. CEO Prashant Tripathy emphasizes the industry's need to innovate distribution models to ensure broader coverage.

The survey highlights the vulnerability of gig workers due to limited insurance ownership and financial planning. This demographic exhibits a strong family focus, yet lacks adequate financial security, demonstrating the urgent need for inclusive, accessible insurance solutions to match the evolving nature of work.

(With inputs from agencies.)