AXA Philippines has launched a new insurance initiative to provide better financial protection for gig workers, such as drivers and delivery riders, who often lack access to traditional insurance.
Through AXA EssentiALL, the company’s global inclusive insurance unit, the program aims to offer affordable and relevant coverage for underserved sectors. AXA operates in 14 countries and reached more than 14 million customers in 2023. In the Philippines, the focus is on extending support to workers in the gig economy, which continues to grow.
Many freelancers and ride-hailing drivers do not receive the same employment benefits as full-time workers. This leaves them at risk during medical emergencies or accidents. The Philippine Institute for Development Studies noted a 208% increase in freelance earnings between 2019 and 2020, but insurance access remains limited for these workers.
Providing inclusive protection
“Ensuring inclusive protection has always been a core part of our mission. At AXA, we believe that every worker, regardless of employment status, deserves financial security and support,” said Ayman Kandil, president and CEO of AXA Philippines
AXA Philippines partnered with PhilPacific Insurance Brokers & Managers Inc. (Philinsure), Grab, and MOVE IT to provide this protection. Under the companies’ incentive programs, qualified riders and drivers can receive up to ₱1 million in insurance coverage.
“Through this partnership with Grab, MOVE IT, and Philinsure, we are taking concrete steps to close the protection gap for gig workers in the Philippines, especially drivers and riders who are on the road all day and are exposed to so many risks,” Kandil said.
Philinsure brings its microinsurance experience to the project, helping deliver tailored protection for the evolving needs of modern workers.