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This InsurTech Startup is aiming to solve the Freelancer Insurance Problem with Flexible Insurance Services

  • 5 January 2018
  • Jermaine Wright

It is reported that self-employment is now the fastest growing sector in the UK economy with about two million people working as freelancers. Throughout Europe, there are around 11 million freelancers.

However, the unique needs of freelancers as it relates to insurance services have not been appropriately addressed. So it’s no surprise why Insurtech was one of the big VC (Venture Capitalist) bets of 2017.

One forward-thinking company has jumped at the idea of offering on-demand insurance for freelancers.

Dinghy, the London-based insurance tech (insurtech) startup officially launched today backed by a $1.2 million seed funding round led by Balderton Capital, Europe’s largest early-stage venture capital investor.

Participation also came from unnamed industry angel investors and insurance investment company ReSolution.

New types of products such as Zego’s gig economy insurance play or pay-as-you-drive insurance from Cuvva have already been launched in the space.

But Dinghy’s key differentiator is being mobile-first and more flexible than traditional insurance products in this space.

Dinghy is a new online, mobile-first, on-demand insurance services provider that uses cutting-edge technology to provide freelancers with insurance that matches their own flexible working style.

It utilizes a bespoke technology platform to offer flexible insurance services for freelance professionals of all types. These services include professional indemnity, equipment cover, public liability, and cyber liability, all delivered and managed through a mobile app online.

Traditional insurance model is a slow and tedious process that is not designed for freelancers. It doesn’t provide the affordable and flexible cover that many freelancers need to fit their own flexible way of working.

Therefore, there was a huge opportunity for a company that offers professional indemnity and other policies on a ‘pay as you use’ model.

The Dinghy founders, through their unique combination of insurance, technology and freelance experience (39 years in total), understood this and built an online solution from the ground-up with freelancers and contractors in mind.

The solution makes the process from quote to claim fast and hassle-free, with the ability to chat with experts.

Traditional insurance does not give freelancers the ability to change their insurance when they are not working. This forces freelancers to either pay for coverage they don’t need or worse, cancel their policy and throw away the insurance coverage they paid for.

Dinghy’s hassle-free and flexible insurance adapts to the freelancer’s lifestyle allowing freelancers to save money by keeping the full protection of their insurance even when they are not working.

With Dinghy freelancers can change their working status to save money on their insurance when they are not working but keep their insurance protection. They can also make changes to their policy with zero admin fees.

Dinghy knows that most freelancers rely on their equipment to do their work. So the startup provides a high level of convenience and provides a solution to meet their expectations of being served as quickly as possible:

  • The claims process is available online 24 hours a day, eliminating potential delays in making claims.
  • 24/7 claims handling for equipment – Dinghy is committed to replacing equipment within 24 hours of notification.
  • If equipment replacement isn’t possible, Dinghy says it will provide freelancers with an instant cash settlement so they can source what they need as quickly as possible.

Even though Dinghy is capable of insuring any freelance professional, currently their insurance services are primarily aimed at tech developers, designers, and consultants. However, the startup plans to serve freelancers in the creative industries who typically stay far from buying insurance because of the painstaking and confusing process.

“Our main customers are tech professionals, management consultants, and designers who are driven to buy insurance by work contracts. We hope to reach out to the creative industries and show them that there is a better way to insure their business risks,” says Dinghy co-founder Rob Hartley.

Some of the main features of Dinghy are as follows:

  • Quotes – With only 8 questions in the quotation process, Dinghy can provide quotes in 40 seconds and policies in 90 seconds.
  • Claims – provides 24hr replacement anywhere in the world, or immediate cash settlement once the claim is approved.
  • Policy changes – provides a fully online self-service allowing customers to easily update their policy without wasting time on a call listening to hold music.

Dinghy was founded in 2017 by Robert Hartley, Ben Wilks, and Edward Woodcock.

About Jermaine Wright