Zurich Insurance has launched a new three-year research programme in conjunction with the University of Oxford to look at how today’s workers can get adequate financial protection.
This ‘Agile Protection’ study will be in partnership with the Smith School of Enterprise and the Environment, part of the University of Oxford.
It will look at the potential for developing frameworks to ensure workers have flexible protection and financial support in an increasingly fragmented labour market.
It launches with a report, examining recent labour market trends and the current systems in place to support people.
The report stresses that these systems need to be rethought in the context of a 21st century landscape of work and retirement. This includes established insurance models that are designed around traditional career paths, and have concentrated on supporting people at specific phases in their lives.
The report says that those entering the labour market today will typically switch employers several times throughout their careers. “We are seeing an increase in the use of different types of employment contracts, such as gig workers in the sharing economy; and increased longevity is extending working lives and creating a growing need for career breaks for responsibilities like caring.
“These factors mean many people are lacking any kind of financial safety net to support them now and as they approach retirement.”
Zurich Foundation’s chair Gary Shaughnessy says: “The launch of Agile Protection, builds on the extensive work we have already published on income protection gaps and the challenges that these bring to people, society, business and governments. These are currently exacerbated by uncertainty in the economy, higher levels of consumer debt and stretched welfare budgets.
“At the same time, the dramatic shifts we are seeing in our workplaces present us with a clear need for more social protection and for flexible types of protection.
“The responsibility for delivering solutions needs a coordinated approach between individuals, employers, governments and insurers. Through Agile Protection, we are looking to develop workable models that reflect and meet the needs of today’s workforce, providing more people with the support they need.”
This research programme will include two multi-country surveys, the first of which will look at consumers’ behaviours when engaging with insurance.
The second will look at the priorities of employers when it comes to protecting their employees and the extent to which they recognise worker risks as part of their broader management framework.