Onsi Company Profile

Background

Onsi, formerly known as Collective Benefits, was established in 2019 with the mission to enhance the financial well-being of self-employed and flexible workers. The company's vision is to create a world of work where everyone wins, focusing on providing tailored benefits and insurance solutions to gig workers, freelancers, and independent contractors.

Key Strategic Focus

Onsi specializes in offering comprehensive benefits programs that include on-demand pay, flexible rewards, and insurance coverage. Their platform is designed to help businesses build programs that drive loyalty and engagement, delivering a wide range of benefits to workers via the Onsi App.

Financials and Funding

Since its inception, Onsi has secured significant funding to support its growth and expansion:

Pre-Seed Funding (July 2019): Led by Insurtech Gateway.

Seed Funding (£3.3 million, February 2020): Participation from existing investors.

Series A Funding (£6 million, July 2021): Led by NFX, with participation from Stride VC, Delin Ventures, Insurtech Gateway, and executives from Uber, Deliveroo, and Urban.

In November 2024, Zurich made a strategic investment in Onsi, further strengthening its financial position.

Technological Platform and Innovation

Onsi leverages a robust technological infrastructure to deliver its services:

Proprietary Technologies: The Onsi App provides workers with access to earned pay, flexible rewards, and insurance claims processing.

Significant Scientific Methods: Utilizes advanced technologies such as Node.js, DBT, and Cloudflare Bot Management to ensure secure and efficient service delivery.

Leadership Team

Anthony Beilin (CEO): Former Global Head of Innovation at Aviva and Founder & COO at unBound Innovations.

Benjamin Hay (COO): Previously Director of Strategy & Operations at Virgin Unite and a Barrister at Temple Garden Chambers.

Competitor Profile

Market Insights and Dynamics

The gig economy is experiencing significant growth, with millions of freelancers in the UK, EU, and USA. Reports predict that by 2030, freelancers will constitute the majority of the workforce in these regions.

Competitor Analysis

Key competitors in the employee benefits and insurance solutions market include:

Braze: Focuses on customer engagement platforms.

Iterable: Provides cross-channel marketing solutions.

Intercom: Specializes in customer messaging platforms.

Strategic Collaborations and Partnerships

Onsi has established significant partnerships to enhance its market position:

Insurtech Gateway: Incubated Onsi in April 2019 and led its Pre-Seed funding.

Zurich: Made a strategic investment in Onsi in November 2024.

Operational Insights

Onsi's platform is designed to cater to businesses with complex workforces, including gig workers, shift workers, and full-time employees. The company operates in 35 countries, indicating a strong global presence.

Strategic Opportunities and Future Directions

Onsi aims to benefit one million workers' lives by providing meaningful benefits that improve their financial well-being. The company plans to expand its offerings and reach, leveraging its technological platform and strategic partnerships to achieve this goal.