The gig economy in the Philippines is rapidly expanding, with freelancers, ride-hailing drivers, and delivery riders making substantial contributions to the workforce. However, unlike traditional employees, many gig workers lack employment security, health benefits, and insurance coverage, exposing them to financial risks in times of medical emergencies or accidents.
Despite a 208% increase in freelance earnings from 2019 to 2020, as noted by the Philippine Institute for Development Studies, the absence of financial protection remains a major challenge. Recognizing this gap, AXA Philippines, one of the largest and fastest growing life insurance companies in the Philippines, is stepping in to empower gig workers with accessible, relevant, and sustainable protection solutions.
Addressing the Protection Gap in the Gig Economy
AXA is committed to making insurance inclusive and accessible, ensuring underserved communities have the financial security they need to thrive. Through AXA EssentiALL, its global inclusive insurance unit, AXA delivers affordable, tailored solutions to those who traditionally lack coverage. Operating in 14 markets with over 14 million customers as of 2023, AXA EssentiALL helps communities build financial resilience against life’s uncertainties.
In the Philippines, this commitment is taking shape through AXA Philippines’ partnership with PhilPacific Insurance Brokers & Managers, Inc. (Philinsure), Grab, and MOVE IT—extending critical protection to gig workers, a sector long excluded from traditional financial safeguards. Through this initiative, thousands of Grab and MOVE IT drivers and riders will receive up to PHP 1 million insurance coverage should anything untoward happen to them, under the companies’ incentive-based program. This ensures these hardworking individuals can work with confidence and peace of mind, knowing they are financially protected.
“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. Gig workers demonstrate the same dedication, hard work, and competence as traditional employees, and it’s time they have access to the protection they deserve,” said Ayman Kandil, AXA Philippines President and CEO. “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.”
Philinsure, a key partner in the initiative, shares the same vision of financial security for all by combining their microinsurance expertise with AXA’s innovative insurance solutions.
Building a Resilient Future for Gig Workers
For Grab Philippines, supporting their driver- and delivery-partners’ well-being goes beyond just providing livelihood opportunities—it’s also about ensuring they have the right protection.
As the workforce continues to evolve, insurance solutions must adapt to new employment models. By breaking barriers to insurance access, AXA reaffirms its commitment to helping gig workers build a stronger, more resilient financial future.
To learn more about AXA Philippines’ workforce protection initiatives, visit https://www.axa.com.ph/.
