Gig and platform economy: the next big opportunity for mutuals and takaful in India?

The gig/platform economy has witnessed sharp growth in the past decade owing to technology adoption and servicing various everyday needs. This has resulted in the rise of informal work contracts and several partners/associates whose employment structures differ significantly from traditional work contracts. Globally, the gig economy is expected to be worth 50 billion US dollars before the end of this decade and is projected to engage over 500 million people. Gig workers are vulnerable to health and economic shocks without any contractual social benefits from their employers. Mutual insurance has existed for centuries, providing essential financial coverage and offering risk management and mitigation solutions. This study explores how the mutual care model can ride the growth in the platform economy worldwide and offers suggestions for the pressing issues concerning a large population’s health and economic well-being without access to social security benefits in an informal work structure.