Three Ways the Insurance Industry Can Help Bridge Workers’ Protection Gap

The Philippines' labor landscape is changing rapidly, but social protections are slow at catching up. According to the Institute for Labor Studies, there are now an estimated 1.5 million gig workers in the country. Add to that the millions working in micro-, small-, and medium-sized enterprises (MSMEs), where formal benefits are often limited or nonexistent, and the gap in financial protection becomes even more urgent. 

How can the industry adapt to support this critical workforce need? Here are three ways that financial institutions, platforms, and policymakers can build a more inclusive system of protection for workers -- no matter where or how they are employed.  

Tailored Protection Across the Workforce 

Traditional employment comes with built-in benefits like health coverage, accident insurance, and access to savings. But for gig workers, freelancers, and those in MSMEs, these aren’t guaranteed. Inconsistent incomes and lack of employer-sponsored benefits often mean that when crisis hits, they are left with limited financial options to draw upon.  

The first step in closing this protection gap is by offering insurance solutions that are customized, flexible, and accessible, designed to reflect the realities of today’s diverse workforce. 

AXA Philippines, one of the largest and fastest-growing insurance companies in the country, is leading this initiative with its initial roll out of insurance protection for gig workers, starting with a partnership with Grab and MOVE IT. This program offers free group personal accident insurance to top-performing drivers and delivery partners -- up to ₱1 million in coverage—marking a pivotal shift in how independent workers are valued and protected. 

Beyond the gig economy, this program is laying the groundwork for how inclusive protection models can be expanded to serve other underserved segments of the workforce. 

Positioning Employee Benefits as a Business Growth Strategy  

The need for broader protection presents employers a new opportunity to play a leading role in strengthening worker welfare through scalable employee benefits programs. 

An expanded employee benefits portfolio can serve not just large enterprises, but also small- and medium-sized companies looking to offer group life, accident, and health insurance to their teams. These products are designed to be both affordable and modular, so they can grow with a business. 

In an environment where workers seek not just salaries but also security, wellness, and purpose, employee protection can become a key differentiator. By investing in employee benefits solutions, employers don’t just meet a baseline responsibility; they attract and retain talent, improve productivity, and future-proof their workforce. 

AXA is positioning itself as a key player in this regard as its employee benefits offerings include custom group life and medical insurance, accident and disability protection, health and wellness add-ons, as well as financial literacy and savings tools.  

The goal is to make protection not just accessible, but meaningful, especially for sectors that have traditionally operated outside the formal safety net. AXA’s partnership with GCash, the country’s leading mobile wallet, also reflects how digital innovation can bring insurance closer to underserved populations, particularly those in the informal sector and low-income brackets. 

Strengthening Stakeholder Partnerships  

For AXA Philippines CEO Ayman Kandil, expanding worker protection is not a task that insurers can tackle alone. It requires meaningful partnerships with employers, platforms, and even public institutions.  

“That’s why we continue to explore public-private partnerships and collaborations that drive systemic change. Whether through direct partnerships, customized employee benefits plan, or co-created wellness programs, these efforts collectively raise the bar for what workforce care should look like,” he explains. 

These initiatives also align with larger discussions on how more Filipino workers can be integrated into national social protection systems. With ongoing efforts to expand SSS, PhilHealth, and Pag-IBIG access to gig workers and freelancers, private companies and policymakers recognize that ensuring the long-term welfare of all workers is not just an economic necessity, but a moral and social responsibility.  

While challenges remain, innovative insurance solutions, improved accessibility, and stronger collaboration among all stakeholders are laying the foundation for a more secure and sustainable future for workers. 

“At the heart of these efforts is the belief that workers—especially those in the gig economy—should have the confidence to face the future, knowing they are protected. When workers feel secure, they can focus on doing their jobs better, ultimately benefiting the companies and platforms that rely on their contributions. A workforce that is protected is a workforce that can thrive,” Kandil ends. 

More information about AXA Philippines’ insurance solutions is available on its website  www.axa.com.ph and its partner platforms. 

ABOUT AXA PHILIPPINES  

Established in 1999, AXA Philippines is one of the largest insurance companies in the country. It offers financial security to over a million individuals through its group and individual life insurance as well as general insurance products.  

AXA Philippines is one of the first to introduce bancassurance operations in the country and is among the pioneers in the investment-linked insurance sector.  

AXA Philippines is a joint venture between the AXA Group, headquartered in France, GT Capital Holdings, Inc. (GT Capital), a leading listed conglomerate in the Philippines, and Metropolitan Bank and Trust Company (Metrobank), one of the Philippines’ largest financial institutions. It is duly recognized by the Insurance Commission and has license to operate and engage in life and general insurance business under License No. 2025/14-R.  

For more information on AXA Philippines and their products, visit their website at www.axa.com.ph. 

FOR MORE INFORMATION:  

Media Relations:                                             

Rochelle Rivera                          
rochelle.rivera@axa.com.ph   

Abbie Remo 
abbie.remo@axa.com.ph