Ucha

Raison d’etre [rey-zohn -de-truh; French re-zawn -de-truh]

Pronounced rey zohn de truh, this is an English word of French origin that means a thing’s reason or justification for being, or existing

In December 2021, we set out to reimagine the future of work benefits by building a platform for gig economy workers, and that’s how 

Basically, anybody that does not work in an office can get access to basic benefits like insurance, healthcare, pension,and loans, at a small monthly fee.

We have been on that journey ever since, and it has been a very tedious and interesting one.

So let’s talk about why we started doing this thing, and what exactly it is.

Is a question my co-founders and I have gotten countless times, from different people, all asked with the same level of genuine curiosity.

I have given this answer so many times, over and over again, that it makes sense to crystalize and articulate it in written words.

Surface level; it is ridiculously expensive to pay out of pocket for an insurance need. The price difference between paying for a healthcare plan out of pocket, and having an insurance plan can be a lifesaver.

For example; in Lagos State Nigeria, the average nighly admission fee in a hospital is around $50. Meanwhile, an annual insurance plan of $25 can cover this same cost for a year, with added benefits up to $2,000.

On a deeper level, beyond the price point, like every problem, deciding to work on this one was a mixture of personal pain points and data-backed market research.

Simply put, this is a genuine problem, not just in Nigeria, or Africa, but around the world.

We started out focusing on gig economy workers that did not work in offices; Uber and Bolt drivers, software developers, freelance creatives, hair stylists, contract staff, and everyone that did not receive added benefits from where they work.

These people are divided along two lines; those who cannot afford to pay for these benefits individually, and those who can, but cannot afford the time and inconvenience of sourcing these benefits individually.

We talked to 250 of these people; 96% of them would pay for a plan that allows them to get access to these benefits in one place.

Of this number, 25% did not care about the price point it came in at, while the other 75% swung between affordability and ‘mid-range’ price points.

These people are able to come on Flance, and purchase a moderately priced monthly plan, or design a bespoke one that fits their needs and budget; amazing stuff.

The aforementioned is already a beautifully carved out market segment by itself, but there was another one ripe for the picking; tech startups and small businesses.

At first glance, these people are antithetical to the initial market segment mentioned, but upon closer look, not so much. I will tell you a story why(not), a very short one;

For the last 8+ years, I, Victor Ekwealor, have worked with tech startups in Africa, and as at the end of May 2022, my pension balance is currently ₦112, 480.40 ($272). And this is the experience of the bulk of employees in tech startups and small businesses.

I used to be very upset at this benefits discrepancy until I got a look on the employer’s side and figured out that this isn’t malicious; it is extremely difficult for a small business to provide employee benefits.

In startups and small businesses, everyone is too busy with multiple roles to take on the arduous task of sourcing and arranging benefits for employees. It is what it is.

The global economy is hard; inflation is at an all time high, and costs of living have skyrocketed with it. Most startups, especially in developing economies, are unable to match compensation with these rising costs, and are also incapable of mustering the financial war chest to retain their talents.

And this is where Flance comes in; to help employers figure out how to sustainably ensure their employees are not left out in the cold, or lost.

“Two billion workers — representing 61.2% of the world’s employed population — are in informal employment.”

Women and Men in the Informal Economy: A Statistical Pictur

The aforementioned is a 2018 study by the International Labour Organisation (ILO); a United Nations’ (UN) agency charged with international labour practices. In short, there are more people that are formally employed than not, and that is not changing anytime soon.

These people have jobs, but thanks to different employment laws across the world, most of them are not classified as full employees. A big example of this is how Uber and Bolt drivers are not considered employees of either companies.

Regardless of these classifications, these workers have adult responsibilities and resultant needs that would be catered to by employment benefits.

On the other hand, the nature of work is changing drastically

 effect of the pandemic, everyone has taken a very pragmatic approach to their careers, and this has resulted in massive resignations and switches; cue the 

, and all similar movements around the world.

; this means that more people are going to leave their structured jobs and, subsequently, the security those jobs provide by way of benefits.

Employers will have to fundamentally reimagine sustainable ways to keep their employees, without breaking their back, and their banks.

That, my dear reader, is where Flance comes in again.

Unlike the first question, there are not a lot of people asking this. I just imagined that if you got this far, it’s only fair you know the exactitude of how this product will work.

It is really simple; users sign up, get KYC’ed and then for a small monthly fee, get access to a wide range of benefits; healthcare, insurance, pension, loans, etc.

The plans are structured in two ways; moderately priced pre-curated options, and the ability to create a bespoke plan for yourself that fits your needs and budget. Simply put, you can pay for plans we have made, or create your own.

We are just getting started and gearing up for the journey ahead.

Thanks for getting to this point,
Victor.

Raison d’etre

Tayo

The future of work is changing rapidly, and with it comes a number of new benefits and opportunities for both employees and employers.

“The future of work is a world where everyone has the opportunity to thrive. It's a world where we're not limited by our location, our background, or our circumstances. It's a world where we can all work together to solve the world's biggest challenges." - Sundar Pichai, CEO of Alphabet and Google

The future of work is changing rapidly, and with it comes a number of new benefits and opportunities for both employees and employers. Here are just a few of the ways in which the future of work is shaping up to be more beneficial than ever before:

Greater flexibility: One of the biggest benefits of the future of work is the increased flexibility that it offers. Employees will be able to work from anywhere in the world, at any time of day, as long as they have a reliable internet connection. This will give employees more control over their work-life balance and allow them to work in a way that best suits their needs.

More opportunities for collaboration: The future of work will also be more collaborative than ever before. Employees from all over the world will be able to work together on projects, regardless of their location. This will lead to more creative and innovative ideas, as well as a more inclusive and diverse workforce.

Increased productivity: Studies have shown that employees who are given more flexibility and autonomy are more productive. This is because employees are more likely to be engaged and motivated when they have the freedom to work in the way that works best for them.

Reduced costs: Employers can also benefit from the future of work. For example, employers can save money on office space and other overhead costs by allowing employees to work from home. Employers can also reduce their costs by hiring freelancers and other gig workers.

A more diverse workforce: The future of work will also be more diverse than ever before. Employers will be able to hire employees from all over the world, regardless of their race, ethnicity, gender, or sexual orientation. This will lead to a more inclusive and equitable workforce.

 to be had. By preparing for the future, you can ensure that you are well-positioned to succeed in the new world of work.

Develop your skills: The future of work will require employees to have a wide range of skills, including technical skills, soft skills, and problem-solving skills. It is important to invest in your skills development so that you are prepared for the jobs of the future.

Embrace change: The future of work is constantly changing, so it is important to be adaptable and willing to learn new things. Be open to new opportunities and challenges, and don't be afraid to pivot your career if necessary.

Network with others: Networking is essential for career success in the future of work. Build relationships with people in your field, and stay up-to-date on the latest trends and developments.

Overall, the future of work is shaping up to be more beneficial than ever before for both employees and employers. Employees will have more flexibility, more opportunities for collaboration, and increased productivity. Employers will save costs and have a more diverse workforce.

Flance test two

Flance, an employee benefits company serving Africa’s gig economy, has announced a collaboration with leading ride-hailing platform Bolt that provides Bolt drivers in Nigeria with access to discounted healthcare plans. Through this collaboration, Bolt driver-partners can take advantage of Flance’s innovative technology and access high-quality, affordable healthcare services.

Bolt drivers will be able to receive preventive care, telemedicine services, and access to a network of healthcare providers, all while keeping costs low.

“The gig economy in Africa is growing at an average of 20% annually, and it is estimated that by 2030, there’d be 80 million gig workers in Africa. This collaboration is in line with our mission at Flance to help this emerging demographic access quality, affordable, and inclusive benefits,” said Victor Ekwealor, CEO of Flance.

“By collaborating with Bolt, we are able to bring this security to even more drivers in need and help ensure that they can access the healthcare they need to stay healthy and on the job.”

For Bolt drivers, the perks of this collaboration include physical and virtual doctor consultations, preventive care services, discounted rates on lab tests, prescriptions, and many more.

The drivers will also receive exclusive discounts on other Flance health insurance plans, as well as access to a range of health, wellness, and financial benefits including loans.

“At Bolt, we are dedicated to providing our driver-partners with the support and resources they need to succeed and live better,” said Ireoluwa Obatoki

 Regional Manager for West and North Africa at Bolt. “This collaboration with Flance is a major step forward in that commitment, and we are proud to offer driver-partners access to affordable, high-quality healthcare services.”

The collaboration will initially be available in Nigeria, with plans to expand to other African cities in the near future.

Flance | New work by Flance

New Work by Flance

Raison d’etre

Flance test two

Flance partners with Bolt to provide drivers with healthcare