With the fourth installment of the Global Innovation Alliance Manila program, a program that aims to provide Singapore startups a soft-landing market access into the Philippines market, has successfully brought together startups and Philippines-based corporates and investors.
Through this, one of the batch startups, Gigacover, an insurance technology company for the gig economy, was able to join forces with EXOASIA, a platform for various entrepreneurs and professionals to supercharge the health and financial protection plans of EXOASIA’s portfolio of business founders and freelancers through Gigacover’s unique solutions.
EXOASIA Innovation Hub is a global transformation ecosystem that connects professionals, organizations, and institutions to create a better future for everyone. They aim to inspire, validate, and scale solutions by solving local problems through alliances between entrepreneurs, organizations, and governments leveraging deep tech and global innovation ecosystems. Their Massive Transformative Purpose is Increasing Collective Uptake towards a sustainable future. EXOASIA is the local partner of OpenExO (www.openexo.com) - a global transformation ecosystem that connects professionals, organizations, and institutions interested in creating a better future for everyone. Through participation, certification, and alliance, EXOASIA believes in enhancing communal Uptake towards a sustainable future.
Gigacover was founded in 2017 to bring fairness and stability to independent workers. These include gig workers, freelancers and self-employed persons, many of whom lack access to right-sized financial services. The company was founded in Singapore and launched the region’s first income protection insurance to meet the needs of the gig economy. Since then, Gigacover has gone on to serve caregivers, tutors, real estate agents and delivery riders. Gigacover’s product suite has also expanded to include earnings advances and payroll accounts. Through technology and data, Gigacover automates distribution, administration and generates insights for risk management in order to bring flexible, affordable and portable benefits to its users. As of 2021, Gigacover has presence in Singapore, Indonesia and Philippines and is supported by Vectr Fintech Partners, Quest Venture Partners, Farsight Capital and Alto Partners.
Gigacover and EXOASIA were first linked through the GIA Manila program. For the first time since GIA Manila’s launch, the batch startups were given the opportunity for in-market immersion, where the cohort visited the Philippines for a week-long of content workshops, office hours, mentor meetings, pitching, and networking. With one of the focus sessions being a Philippines Startup Community Mixer, Gigacover and EXOASIA were able to spark initial discussions that began the exploration of their potential partnership.
Following multiple conversations, the two were able to launch their partnership following the program wrap-up. Through the partnership, EXOASIA’s portfolio of entrepreneurs and professionals will have heightened access to Gigacover’s insurance products. They aim to provide awareness for these offerings and opportunities through EXOASIA’s community-wide programs such as their community webinars, meet-ups, hackathons, incubations, accelerations, and follow-on events, where there will be a segment for health and financial protection plans.
Through their engagement, Gigacover and EXOASIA were able to validate the strong need for accessible and affordable insurance for Filipino professionals, especially freelancers and digital nomads. With the intention, the tools, and the right team to address this opportunity, they are aiming to address about 1,000 workers from EXOASIA’s network, giving them exposure to an approachable insurance provider without the excessive premium costs.
How Plug and Play Can Help
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The GIA is an initiative of Enterprise Singapore (ESG), in partnership with IMDA. Comprising a network of Singapore and overseas partners in major innovation hubs and key demand markets, GIA programs focus on technology and innovation. Plug and Play is Singapore’s GIA Partner in Jakarta and Manila.
Find out more about our GIA Manila program here.