If you see a bandwagon — It’s too late!
In this article Pedro Caetano, Comms Manager, and Darren of Vesuvio Labs, talk to Mike Minett, Co-Founder of Portabl to discuss their exciting prospects for investors, employers, and freelancers.
www.portabl.co — a Flexible insurance and benefits provider for those who live and work in the growing global freelance and gig-based economy.
The art, of course, is to spot a business opportunity early, make a commitment, and take an innovative product to market. That is exactly what Portabl is doing, by creating a SaaS business that provides insurance, savings, and other benefits, to all portable job to job professions and stages of life.
“We are now undoubtedly into an advanced digital age, where jobs can be based anywhere and are decoupled from their location. It is predicted that within five years up to 50% of those jobs could be contracted to independents, the so-called gig economy”, said Mike. Yes, 50 %. He added, “this new economy makes work far more flexible and meets the demands and needs of both workers and of businesses”.
Although in agreement with Mike’s observations Pedro asked, “there are some downsides of this gig economy aren’t there Mike? For example, freelancers may not be able to obtain the same financial protection for themselves and their families enjoyed by company employees, at least at an affordable price”?
Mike was quick to reply, “that was right, but not any longer! At Portabl we have come up with a benefits, pension, and insurance membership package, for freelancers and contractors, that sweeps away all those thorny issues of cover and affordability.”
At this point Mike went on to describe the Portabl monthly subscription bundle with benefits, for example insurance and savings products even gym subscriptions et al, which are both portable and custom made for the ever-changing course of their members’ careers.
Clearly intrigued by this prospect and recognising the significant potential of the Portabl concept, Darren asked, “don’t insurers and the providers consider this sector too risky and price accordingly? How have you managed to create this great product, affordably”?
“We have an outstanding team of executive advisors”, said Mike adding, “they not only have decades of experience in their specialist fields, but also bring a highly innovative and radical approach to building an e2e platform for those involved in the gig economy. Having brought this expertise to bear, with carefully crafted products and the potential purchasing power of scale, Portabl is on the cusp of a real breakthrough in this rising market. At its heart is a leading-edge data analytics model using real-time data. This means that we are able to understand the real underlying risks and help providers to price accordingly”.
Realising that an easy to understand tailored benefits package would liberate freelancers to focus on their jobs with a far greater sense of security, Pedro wondered if the Portabl product held any appeal for the businesses the freelancers served. He asked Mike, “is there anything in Portabl that will appeal to those companies actually hiring the freelancers and contractors”? Mike’s reply was emphatic, “Absolutely everything in it for them Pedro, it helps them attract the workforce they want, on the terms they want by offering them security, protection and peace of mind”.
What’s more we can “white label” the package they offer which makes their recruiting proposition all the more powerful compared to their competitors”.
In conclusion Pedro said “I can certainly see, Mike, considering the already huge market for freelancers and the gig economy about to surge, how appealing Portabl membership will be for just about everyone involved. Is there anything else you would like to add”? In reply Mike pointed out, “our monthly benefits package will go on adding value by incentivising good practice by freelancers which, in turn, will lead to lower costs for them, a sort of virtuous circle really. One more thing”, said Mike, “Portabl is also a tremendous opportunity for investors to buy in now at just the right time.
Timing is everything. The product has already been crafted in excellence, the specialist team is now in place, the market gap is evident and the growth potential from freelancers anxious to protect themselves and their livelihood is sizeable”. The world of work is in motion and we’re helping employers to prepare for the flexibility a freelance workforce requires.
Mike Minett: an Ex-Mercer Marsh Benefits — MD TPAC
- HR Benefits, Data & analytics start-up founder with exit
- The Positive Ageing Co. acquired by Mercer Marsh Mclennan Inc. (2016)
- 15+yrs global Fintech & Risk management
- B.Business International Marketing (RMIT)
Vesuvio Labs would like to thank Mike Minett for this interview and for kindly sharing his thoughts.
Vesuvio Labs is a Venture builder based in London for the Insurance and Finance sector, helping entrepreneurs by accelerating the process of turning their ideas into scalable products through our flexible, low-code software architecture. Portabl is one of those ventures.
In addition, we can connect entrepreneurs with investors, tax & legal advisors and to the wider tech ecosystem.
We would like to thank adviser Graham Ripley for his important contribution to this article.