Acorn Group’s Street Cover tackles underinsurance in the UK gig economy

Core Insights - The insurance penetration in the gig economy remains low, highlighting a critical protection gap, particularly in the UK, as evidenced by the launch of Acorn Group's Street Cover brand [1][4] Group 1: Underinsurance Statistics - 55.6% of food delivery drivers and 57.7% of courier service drivers lack insurance coverage for their work [2] - Among food delivery drivers, 22.2% assumed their employer would provide insurance, while 16.7% had not considered it, and another 16.7% thought about travel insurance but opted against it [2] - For courier service drivers, 19.2% believed their employer would offer coverage, 15.4% had not thought about it, and 23.1% considered travel insurance but chose not to pursue it [2] Group 2: Market Drivers - The gap in insurance coverage is becoming more apparent as food delivery and courier work have surged since the pandemic, driven by rising living costs and economic instability [3] - The flexible nature of gig work contributes to a lack of awareness regarding the importance of insurance [3] Group 3: Acorn Group's Initiative - Acorn Group's Street Cover aims to address the underinsurance gap by improving product awareness, educating drivers, and making coverage affordable [4] - The success of this initiative will depend on Acorn Group's ability to ensure affordability for gig workers and develop effective educational strategies [4] Group 4: Industry Opportunities - There is a significant opportunity for the insurance industry to create accessible and flexible products tailored to the gig economy workforce [5] - Collaboration with gig-economy platforms can enhance insurance uptake by embedding coverage options during onboarding or job acceptance [5]