[Startup News] Changing the Landscape of Rider Insurance & Retail Payment During the Pandemic

SparkAmpLab Editorial Team
June 23, 2020

With the coronavirus pandemic in full swing, a vast majority of the world is getting economically crippled. But thanks to ingenious tech companies, people and their livelihoods are still being taken care of during this stressful outbreak. Be it tracing COVID-19 positive patients through GPS and Bluetooth or offering touchless payments, tech companies have now been shining in ways we’ve never imagined before. 

What we now have are two tech companies, Zego and Thyngs, playing a major role in supporting essential workers and organizations during this current period of home-quarantine and social distancing. 

Zego: insurance for delivery partners

In this gig economy of ours, traditional insurance policies have often limited several workers such as delivery people from earning a livelihood and fulfilling their essential responsibilities. 

Recognizing the need for new-age insurance options for delivery partners, directors of the company Deliveroo, Sten Saar and Harry Franks, found an insurance company to back them and joined hands with tech co-founder Stuart Kelly to launch the Zego app.  

Zego, one of the world’s leading insurtech companies, is the first to receive its own insurance license, making the company eligible for selling its own policies. The company primarily operates by making revenue from the insurance policies it sells. While the core business model of Zego is a traditional one at large, the company’s flexible insurance options give it an added advantage. 

Zego’s pay-as-you-go insurance model empowers delivery partners with scooters, cars, and vans to buy insurance policies that are easy on their pocket, in addition to providing them with work eligibility. The company provides insurance policies, which can be bought online through either their app, website, or phone. 

Currently in partnership with companies including Uber and Deliveroo, Zego is extending its support to workers in the wake of the COVID-19 pandemic. As a matter of fact, Zego’s customers who have either fallen or are suspected of being infected with coronavirus can get 14 days of free cover when they renew their insurance.

“Zego was founded to provide opportunity through flexible insurance and fair pricing. In these uncertain times, we will be doing everything we can to ensure customers continue to feel those benefits, and are not weighed down by fixed costs if they are unable to work,” said Saar, the co-founder of the company. 

Simply put, paperless insurance policies, excellent customer service, flexible policies, round-the-clock availability, and zero admin fees are a few aspects of Zego that make it stand out as an insurance company. 

Thyngs: contactless payment

In the age of smartphones, there have been huge surges in the way consumer engagement is achieved and measured. Smartphones have transformed how consumers interact with products through the help of technologies such as Near Field Communication (NFC), QR codes, Augmented Reality (AR), and Virtual Reality (VR). 

Thyngs’ proprietary NFC and QR hardware offers instant mobile payment options and product catalogues, among others. Unlike traditional retail shopping where items are billed on a physical counter, Thyngs’ solution involves placing QR codes and NFC for facilitating instant transactions. 

By scanning a QR code, shoppers are redirected to a mobile-friendly page where they can make the transaction. Therefore with Thyngs, gone are the old days of standing in long lines at retail stores and going through the cumbersome process of waiting for billing, receiving a physical receipt, and having to store it for further use. 

“Thyngs transforms any physical product, packaging or advertisement into an instant point of transaction. We have a technology platform that makes it quick and easy for brands and their printers and manufacturers to upgrade their existing products, packaging and merchandising for instant payments and loyalty via consumers' own smartphones,” said Neil Garner, CEO of Thyngs. 

Currently, the COVID-19 pandemic has created a devastating loss for charities across the UK, resulting in over £4 billion in loss. In order to assist such charities who are now facing a cash crunch, Thyngs has partnered with Charities Trust. Together, they help retail shoppers make charity contributions by linking product codes with charity donation options. 

“We’re entering a really difficult time for everyone, but for charities especially. We were shocked to hear the level of impact that charities may face and the charities that we work closely with have echoed this concern. This is why we are putting in our greatest efforts to ensure we help, alongside the Charities Trust,” said Garner. 

Future prospects post COVID-19

While on one end, we have companies succumbing to the slowed global economy across the world, on the other, we have companies such as Zego and Thyngs not only sailing through the rough seas but also extending a helping hand. 

All-in-all, despite the coronavirus pandemic’s devastating blow to the global economy, many tech companies are managing to thrive as a result of their innovative solutions, remote working efficiency, and sustainable approach to business altogether.  

Recent Updates