In the UK, where the gig economy is more developed than it is here, policy makers are worried that varieties of social protections designed for full-time employment are not going to work so well in the 2st century labour market. These include pensions (to us, superannuation), holidays, and insurance. Income protection in particular is under the spotlight because, at the same time as self-employment is growing rapidly, it seems that income protection is shrinking rapidly. Income cover has become more and more restrictive for the self-employed as insurers have grappled with long-term claims with hard-to-pin-down signs and symptoms. This sounds familiar. In fact, it sounds like our future if the APRA changes mandated to ensure the sustainability of income protection eventually end up being adopted here. The essence of the problems with income protection for the self employed is a lack of flexibility in the product. That is exactly what insurers are struggling with too. If both want more flexibility it looks like there is room for a new kind of IP product for the self-employed.
Other daily news
Fidelity Life rolled out August Lockdown mix-tape on Spotify – some fun and simple initiatives for people working from home. Link here: https://www.linkedin.com/posts/fidelity-life-company-ltd_august-lockdown-mix-tape-activity-6836487685444636672-OcWj
Fidelity Life has advertised a new role for Head of Risk and Operational Compliance. More info and the Seek.co.nz link here: https://www.linkedin.com/posts/angelareddy_head-of-risk-operational-compliance-job-activity-6835715862239031296-rVZJ
Asteron Life providing product innovation by listening to customers and advisers. Link here: https://www.linkedin.com/posts/asteron-life-limited_asteron-life-supporters-for-life-activity-6836047658919055361-Y_3g
Stuff published a handy guide to the interaction between ACC, health insurance, and harm if you get an allergic reaction to the vaccine against COVID-19 (a very rare eventuality, but there are some instances of this). Essentially, you are covered by ACC and your personal health insurance is unaffected. Link.