Insurtech innovators Dinghy part of Royal Society of Arts-affiliated network of changemakers pushing for economic security for the modern workforce
Dinghy, the London-based insurtech pioneers behind the UK鈥檚 first flexible, on-demand insurance cover for freelancers, are prominently featured in a new report 鈥� 鈥淭he Impact Entrepreneur: Building a New Platform for Economic Security in Modern Work鈥� 鈥� from the RSA (Royal Society for the Encouragement of Arts, Manufactures and Commerce) and the Mastercard Center for Inclusive Growth.
Due to its deep understanding of the freelancing contingent, Dinghy were one of a cohort of early-stage ventures who were invited to take part in the RSA鈥檚 Economic Security Impact Accelerator (ESIA), all of whom are focused on affecting systems change around the rapidly growing freelance workforce.
Thanks to the rise of the freelancer, the world of work is evolving at a rapid pace. But is the swiftness of that change happening at the expense of the economic security of those driving it forward? The goal of all ESIA participants is to ensure that doesn鈥檛 happen.
Over generations, the vast majority of the workforce have become indentured to the economic safety net that 鈥榬egular鈥� employment provides. Injured at work? You鈥檒l be paid until you鈥檙e fit, healthy, and ready to return. Want to go on holiday? Just book some leave. Having a baby? Most companies have excellent parental benefits in place.
But if you鈥檙e self-employed 鈥� currently 鈥� a large part of that safety net is cut away. With the number of people working for themselves now close to 5 million, the pioneers involved in ESIA are looking for ways to make sure that people can live and work securely.
Fabian Wallace-Stephens, Researcher at the RSA Future Work Centre, believes that Dinghy are key players in the battle to secure financial security for the freelance workforce:
鈥淐hanges in the way people work have led to a growing sense of economic insecurity in Britain. The rise in self-employment and emergence of the gig economy has left many workers lacking important protections including sick pay and pension contributions. While volatile incomes can exclude them from essential financial services such as mortgages鈥�.
鈥淭he Economic Security Impact Accelerator is aimed to support a cohort of entrepreneurs that are working to build a 21st century safety net for economically insecure workers. Dinghy are playing a critical role here, helping to ensure 鈥榩arity of esteem鈥� between employees and freelancers through access to new types of insurance鈥�.
Dinghy co-founder Robert Hartley, who offered an insight into the groundbreaking work the company are carrying out in a presentation at the RSA in September, notes: 鈥淚f the future of work is freelance 鈥� a fact that seems indisputable 鈥� then what does it mean for society as a whole when freelancers won鈥檛 get paid if they鈥檙e sick or injured and can鈥檛 work?
If the current trajectory continues, the world of work in 10 years is going to look very different from how it is today. We need to recreate the economic safety that 鈥榯raditional鈥� employment offers in that new environment.
Dinghy was founded by freelancers, for freelancers. We know how difficult it can be. Part of our mission is to make economic exposure a thing of the past.鈥�
Hartley continued: 鈥淧articipating in the Accelerator has allowed us to seed coalitions between other like-minded companies, all of whom share the same passion for economic security.
Our foundations were built on that concept. We don鈥檛 charge superfluous fees. We enable freelancers to be flexible. We offer insurance cover which is affordable and easy to access. By keeping costs down we only give freelancers what they need, when they need it 鈥� giving them the financial space they require.
A huge part of our ethos is about using our position and our expertise to give something back to the people we insure. The creation of a new shared platform for economic security is essential, and we鈥檙e delighted to be involved.鈥�
The Dinghy platform in particular lends itself to the provision of other products that will help freelancers offset the loss of the traditional cover and benefits that 鈥榬egular鈥� employees take for granted, and the company is actively looking at options along that path. Watch this space.
So 鈥� what happens now? The report refers to Dinghy and its co-participants 鈥� Trezeo, Labour Xchange and Indycube in particular 鈥� as a 鈥渃oalition for gig worker power鈥�. All share a common view: independent workers are not simply a minority to be 鈥渄ealt with鈥�, but are a powerful force that will become a mainstream identity as more and more people take up flexible work. All are dedicated to ensuring that people can thrive in 鈥渋ndependent by choice鈥� lifestyles, on all tiers of the income spectrum.
Ultimately, Dinghy鈥檚 participation in the Accelerator has allowed it to engage with a core group of other changemakers looking at the same issue, each from a different angle.
As the old saying goes, two heads are better than one. Imagine, then, what a whole roomful of them can do.
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