ITI: Why is now an exciting time to be a rising insurtech?
Anthony: While insurance is a 300 year-old industry, as an insurtech, the opportunity to innovate and advance change has never existed like it does today. For instance, although insurance products like income protection have long existed, 96% of the UK’s independent workers currently go without. Very few companies offer protections like sick pay or family leave directly to their independent workers. Meanwhile, personal insurance products are difficult to purchase and generally cost more than workers are able to pay. In short, insurance for independent workers is broken and needs a better solution.
At Collective Benefits, we are on a mission to do just that, and to close this protection gap by removing the insurance barriers faced by independent workers. We’ve completely redesigned insurance for the gig economy – with fully flexible insurance products that are at last designed to be fair, transparent, in natural language and with intuitive user experience at affordable prices.
ITI: What has been the highlight of your career to date?
Anthony: The impact of what we’re building at Collective Benefits. It starts with the impact we are making for our clients, who are leading on-demand platforms. They are finally able to provide cutting edge insurance and benefits for their workers allowing them to not only meaningfully engage their workforces and solve the significant challenge of low worker engagement and high worker churn, but also to do the right thing.
But most importantly, it’s the difference we’re for their independent workers who finally have access to a safety-net of protections never before available to them. Just this morning I received a note from one of our members named Adnan:I’ve got such peace of mind now I know me and my family will be taken care of if something goes wrong.’ Notes like this mean everything to me and the team. And it’s because of this we’re now the leading independent worker insurance and benefits platform in Europe, beating some of the largest and most-established insurance providers in the market.
ITI: If you could meet yourself on the day you started your business, what would you tell yourself?
Anthony: I’d remind myself that overnight sensations are 10 years in the making! While speed is key, we’re on a mission to solve a significant problem and sometimes life throws you curveballs. As an example, we launched to our first customers during Covid, and like many businesses, we’ve faced challenges as a result. As such, we need to stay focused on executing the plan and invest the time to make a real difference.
ITI: What problem did you see in the market that led you to create Collective Benefits?
Anthony: The idea for Collective Benefits came to me when I was working at Aviva as their Global Head of Innovation, after I suffered a back injury that put me out of work for six months. Thankfully I continued to receive sick pay while I recovered, but I realised that, for the self-employed, an injury like that could be financially crippling.
There are over six million independent workers in the UK, yet 96% have no income protection and many have less than £200 in savings. Meanwhile, it costs £1,000 plus for an on-demand business to recruit a new worker, yet 80% stay for less than a year. At Collective, we’re tackling both issues with a holistic solution that fully supports this vulnerable workforce’s day-to-day wellbeing, from sick and injury pay, to family and compassionate leave, to mental health support and more.
