Traditional insurance policies have notable gaps that leave gig workers underinsured. Tech-enabled financial services company Buckle addresses this with an innovative new insurance model bolstered by its recent successful Series A funding round of $31 million and their Series D filing. Using new sources of data, their new insurance product is comprehensive, affordable, and easy to obtain by gig workers, specifically addressing those in the booming rideshare industry by replacing drivers’ current auto insurance.
“The ride-hailing market is expected to grow globally to approximately $260 billion by 2024,” said Partner and CIO of Insurtech at HSCM Bermuda, Vikas Singhal. “As the market grows, demand for straight-forward and affordable insurance coverage for both providers and TNCs (transportation network companies) will grow with it. We’re excited to help the Buckle team take the company to the next level.”
This new coverage builds upon Buckle’s core rideshare insurance policy launched in 2019, furthered by their acquisition and recapitalization of Gateway Insurance Company. Using Gateway, Buckle’s insurance coverage now expands to include personal, commercial, transportation network companies, and traditional taxi, limo, and livery businesses.
Buckle’s co-founder, Dustin Walsey, stated that, “We are excited to offer comprehensive, easy-to-understand insurance to active rideshare drivers for overall better personal protection.”
The Series D was co-led by HSCM Bermuda and Eos Venture Partners.
Read about the Challenges of the Gig Economy
