Chubb partners with insurtech Bunker
Chubb is joining forces with insurtech Bunker Technologies to accelerate new insurance product development for a flexible working environment.
Organizations are increasingly prioritizing a flexible workforce as a critical element of their strategy, according to a Bunker statement. By 2027, consulting firm MBO Partners predicts 58 percent of Americans will either be freelance workers, or will have previously worked as a freelancer. Insurance has been a primary barrier to this movement, according to Bunker.
San Francisco-based Bunker is a venture-backed company founded in 2015 to embed insurance directly into the contracting process. As part of the partnership, Chubb made a minority investment in Bunker. Bunker previously raised $8 million from Comcast Ventures, Route 66 Ventures, and Spero Ventures along with insurers American Family Ventures and Hiscox.
"We're thrilled to be working with Chubb, adding them as one of our key insurance partners, continuing our mission of eliminating insurance as a barrier to the Future of Work." said Chad Nitschke, co-founder & CEO of Bunker. "We launched the first usage-based business insurance product with Chubb last year, and for the first time an independent professional can purchase project specific general and professional liability and secure proof in two minutes on our platform. The product is live in 43 states, we've experienced triple digit policy growth, and over ten Future of Work platforms have signed on as new Bunker Members. We're ambitiously carrying this innovation forward and accelerating our product roadmap by building additional technology features and unique insurance products tailored to this rapidly growing part of our economy."
"As the leading platform for on-demand work by elite business consultants, Catalant couldn't be more excited to partner with Bunker." said Andrea Black, VP of Network Strategy. "Many companies have strict procurement requirements that can make it difficult for their teams to access independent expertise. Fortunately, Bunker makes it easy for consultants in Catalant's network to quickly obtain coverage and provide proof of insurance to our clients. Bunker's on-demand insurance products and technology platform have been critical in enabling a seamless engagement model on the Catalant platform."
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