Independent yet protected: how AXA reinvents safety nets for the self-employed

The landscape of work has shifted dramatically in recent years. COVID-19 has accelerated changes in how we work, with many corporate offices embracing remote work and a surge in freelancing jobs. This transformation has significantly reshaped our professional lives.

However, being self-employed may also mean being exposed to certain professional vulnerabilities if individuals are not properly protected. In response to these challenges, AXA is championing the cause of the self-employed with its global brand campaign, emphasizing that being self-employed shouldn’t come with unnecessary risks. Despite the many unpredictable risks and uncertainties that lie ahead, the company maintains an optimistic and resolute outlook. It is committed to addressing the protection gap and mitigating the impact of the challenges faced.

A growing workforce: The surge in self-employment

Today’s workforce is increasingly diverse, with a notable rise in self-employed individuals and “slashers”— those juggling multiple freelance gigs. These workers, driven by the allure of flexible work arrangements and gig economy platforms, are becoming major driving force of the global economy.

In Hong Kong, the number of self-employed individuals is growing. According to 2024 employment statistics from the Census and Statistics Department of the HKSAR, Hong Kong’s total employed population is 3.69 million with 0.29 million being self-employed persons. This group ranges from freelancers and consultants to entrepreneurs running small businesses. This demographic shift underscores a broader global movement towards self-employment, driven by factors like technological advances, the desire for work-life balance, and the flexibility of gig work.

The hidden risks of freelancing

While self-employment offers flexibility and independence, it also brings unique challenges. Unlike traditional employees, the self-employed lack the safety net of employer-provided benefits. This means no guaranteed income, no health insurance, and no retirement savings plans. They face a higher degree of financial uncertainty and are often unprepared for unexpected events.

The most significant gap in coverage is found within health and accident insurance. Even a slight illness or mishap could lead to substantial medical expenses, threatening their financial security and compelling them to continue working while sick. This lack of health coverage not only expose them to financial jeopardy but also undermines their overall health and well-being.

"Life insurance and family protection are crucial for ensuring financial stability and comfort during unexpected events, yet they are frequently neglected by the self-employed in their insurance plans," says Angela Wong, Chief Marketing and Customer Officer at AXA Hong Kong & Macau. "Another critical area is retirement savings. Gig workers often lack support here, missing out on employer-backed schemes like the ORSO and MPF, which leaves many without a robust plan for their financial future."

Addressing the unique challenges of the self-employed

While the self-employed community faces a range of daily challenges that can often feel overwhelming, traditional insurance offerings often fail to meet their needs, as they typically cater to more conventional employment structures, leaving gaps in protection that can lead to financial strain.

Acknowledging the challenges faced by the self-employed, AXA provides comprehensive and suitable solutions to cover medical expenses and accident protection, bridging the protection gap and providing tailored coverage that addresses the specific needs of this community.

"At AXA, we are dedicated to identifying and addressing today’s emerging risks,” says Wong. "We strive to offer tailored, comprehensive solutions that cater to the unique needs of the self-employed community, to make life safer, fairer and more inclusive for as many people as possible. Our commitment is to ensure that future is not a risk but an opportunity, empowering individuals with robust support in health, income protection, and workplace sustainability."

Bridging the gap: How AXA makes a difference

AXA’s global brand campaign underscores the company’s commitment to creating a safer, fairer, and more inclusive world. In 2023, the campaign focused on addressing the risks faced by women, with the message “Being women shouldn’t be a risk.” This year, the campaign extends its focus to the self-employed, highlighting that “Being self-employed shouldn’t be a risk.”

Looking ahead: AXA’s commitment to the self-employed

AXA’s latest initiative aligns seamlessly with its global brand campaign by addressing the specific needs of the self-employed. By offering accessible and affordable insurance products that meet their very needs, AXA is not only providing essential protection but also affirming its commitment to inclusivity and fairness in a rapidly evolving workforce landscape.

As the self-employed continue to play a crucial role in shaping our economies, the company is committed to stand by their side, ensuring they have the protection they need for the peace of mind to thrive without undue risk or anguish. Through its insurance plans specially tailored for the self-employed, the brand is making strides towards a future where self-employed individuals can focus on their professional endeavors with confidence, knowing they are supported by comprehensive insurance solutions designed to meet their unique needs.