99 The nomad economy

The nomad economy

As the world awakens to the possibilities of working remotely, a new economy is springing up to cater to digital nomads.

The days when work was done solely at the office already seem like history. Pandemic-induced lockdowns forced companies around the world into arrangements that broke traditional working habits. With this came a surge of remote workers, some of whom became digital nomads for the first time, choosing to work in new cities, states, or even new countries.

Unfortunately for these digital nomads, social safety nets such as health insurance have historically only been available within their home countries and are therefore off limits to those working across borders and in different jurisdictions.

Now, in response to their growing numbers, a new economy is emerging that caters to these administrative, financial and logistical needs.

Insurer SafetyWing offers cover for remote workers regardless of location. Having fortuitously launched in early 2020, the company’s Nomad Insurance covers remote workers in the event of unforeseen health problems or travel complications. After raising $8 million in 2021, SafetyWing is looking to launch additional products that offer access to remote doctors and remote pensions.

Also looking to provide peace of mind to global citizens, Insured Nomads is a US-based insurtech company that provides coverage for everything from medications to cybersecurity to telehealth appointments. Having launched just before the pandemic, the company has added new offerings that address the ever-changing needs of global workers. In April 2021, the brand launched new

A new economy is emerging that caters to digital nomads’ administrative, financial and logistical needs.

mental health counseling services alongside other benefits such as 24/7 emergency evacuation assistance.

Self-storage solutions for nomadic workers are also on the rise. Launched at the end of 2020, Stuf is a startup that transforms unused basements and similar spaces into self-storage locations. Unlike traditional warehouse storage facilities that tend to be located on the outskirts of cities, the company identifies smaller inner-city footprint spaces that are more convenient for those with transient lifestyles who want to access their items more frequently. The startup currently has four locations across Los Angeles, the Bay Area, Washington DC and New York, with a further 4,000 locations in the works for 2022.

Why it’s interesting The future of work is borderless. As ingenious companies step up to iron out the complications that accompany a transient lifestyle, digital nomads will continue to grow in numbers and financial clout.