Rise of Women Gig Workers in Powering India’s Evolving Insurance Penetration | Akhilesh Panday | Head of HR & Training and Development | Probus

In the past couple of years, a critical change has been observed in different industries across India. More number of female gig workers are coming forward to contribute to different industries and grow their careers. One such notable change has also been observed in the insurance sector, wherein women are helping other people by creating awareness about the importance of insurance and encouraging them to buy it for financial security.

Women are now breaking STEREOTYPES
In earlier days, selling insurance policies was seen as a male-dominated profession. But now, as things are changing with time, it has been observed that more women are stepping out of their homes, coming forward and taking up flexible gig roles such as insurance advisors, PoSPs, agents, field workers, etc. Such roles help homemakers to earn money and, at the same time, take care of their families as well. Whether it is going door-to-door or accessing the digital platforms, women are indeed playing a crucial role in spreading awareness about the importance of having insurance in one’s life. The added advantage of having women in this field is that they understand the family needs on a granular level as compared to men, and hence they can put things to others in a simpler way and convince others better. Also, they can connect well with other homemakers and inspire even them to be financially independent by taking up such opportunities.

Gig Work: A Flexible Path to Financial Freedom for Women
The gig economy works pretty well for Indian women (especially new mothers or homemakers) as it works as a convenient option for them owing to flexible hours, work in their vicinity, commission-based income etc. Insurance companies or brokers offering such gig options also further aid their growth by providing them online training, desired support, and required digital tools, thereby motivating and supporting them to achieve their professional goals.

Highlighting the significant transformation in India’s insurance sector, Probus, an InsurTech platform, has observed a remarkable 62% increase in active female PoSPs in FY24 compared to the previous year. Even more impressively, the total number of women onboarded in this role has grown by 120% since FY22, clearly reflecting the growing female footprint in the sector.

Bridging the Insurance Gap
In India, there is still a lot of work to do when it comes to making insurance available to everyone. Many regions of the country are still unaware or do not have the correct medium to access insurance for their benefits. This is where a gig woman insurance worker could play a vital role. They help in connecting with the homemakers, speaking in easy local languages, sharing real-time experiences, clearing any questions or doubts, and building trust comparatively earlier with the other women (ones who take care of the family budget). As it is rightly said, Women understand Women Better.

Digital Tools Empowering Women
With the rise of smartphones and online training platforms, more women are joining digital insurance platforms that enable them to issue policies, track leads, and earn rewards with just a few clicks. Many companies have launched customized online applications to simplify onboarding and training. This digital shift is removing entry barriers for women with basic education.

A Win-Win Situation for All
The rising number of women gig workers is not only helping the insurance companies reach more people but also benefiting the gig workers by providing them with financial freedom. Such an opportunity helps women to financially support their family’s needs or build passive income for themselves. So it’s certainly a win-win situation for both the insurance companies as well as the gig women workers. As it is also known that women tend to build longer & stronger relationships than men, women gig workers help insurance companies sustain customers for a longer period and provide optimum services.

The Road Ahead
Regulators, insurers, and the government should continue supporting and investing in training, safety, and digital inclusion for women workers to keep this positive momentum going. Sharing information or generating content in the local language, creating awareness drives and designing women-specific insurance plans can help even more. In short, women gig workers are playing a crucial role and emerging as an influential change makers in powering India’s journey towards increasing insurance coverage. From big cities to the remotest and humble corners of the country, their presence is not only filling gaps in the system but also rewriting India’s story where women are leading the way towards secure future.