2019-02-06 / Front Page

United Taxi Management To Partner With Ostraa To Insure Cabbies At No Cost

As NYC’s yellow cab drivers feel the financial and emotional strain of diminishing ridership, United Taxi Management (UTM) of Long Island City, one of the city’s largest taxi garages, and ostraa, a provider of inclusive insurance products, have launched a program aimed at supporting the well-being of UTM’s 1,400 drivers through no-cost life insurance and health rewards. Freelancers are often unable to get the insurance coverage they need. The program uses technology and incentives to provide no-cost life insurance, prescription, partial dental and vision, and other types of coverage.

The program, which launched on January 1, utilizes an incentives-based structure. Drivers who take on a regular, full-time workload (24 shifts) over the course of a month, will earn a full package of guaranteed-issue term life insurance ($25,000) and rewards, including deep discounts on prescription, vision and dental care. Developed over the last 12 months with comprehensive input from drivers and UTM’s owner, this program is designed to bridge the important gaps that conventional healthcare doesn’t cover. 

The ostraa-UTM program represents the first large-scale effort to provide inclusive insurance in the United States. Ultimately, ostraa has ambitions to roll this program out to drivers, contract workers and others that are among the 138 million Americans who are financially vulnerable.

In addition to offering greater support for the welfare of its drivers, UTM has embarked on the program with ostraa to address another issue plaguing taxi companies: driver retention. This provision of insurance and health rewards is aimed at enhancing the garage’s appeal to new and existing drivers and increasing the total number of shifts worked.

Savas Tsiritsidis, UTM’s owner, said: “Ridesharing apps have hurt the welfare of our drivers. We see this partnership as a way to bring stability to our business and the livelihoods of our drivers. The design of this program was inspired by what drivers told us they wanted and, because of that, we think it’s going to make a difference.”

For more information on the ostraa-UTM program, please visit utm.ostraa.com.

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