>> WELCOME
>> BACK TO CHEDDAR BUSINESS
EVERYONE AT
NEW YORK.
>> COULD FOLLOW AND
CALIFORNIA'S FOOTSTEPS AND IT
COMES TO HOW GIG WORKERS ARE
VIEWED TOMORROW A STATE SENATE
HEARING WILL FOCUS ON THE NEEDS
OF WORKERS AND EMPLOYERS WHO
WORK OUTSIDE THE TRADITIONAL
DYNAMIC BIGGEST SET OF
DISCUSSED IS J BREGMAN
CO-FOUNDER AND CEO OF SYMBOL A
PLATFORM OFF
THANKS FOR TERM LIABILITY
COVERAGE FOR SMALL BUSINESSES
AND INDEPENDENT THERE'S JAY
THANKS FOR JOINING US HERE
TODAY, YOU ARE TESTIFYING
TOMORROW HERE IN NEW YORK, WHAT
ARE SOME OF THE BIG POINTS.
YOU WANT.
>> WELL IT'S A IT'S GREAT TO BE
BACK. I MEAN WITH THEM, BUT WE
RECOGNIZE THAT PEOPLE WERE
WORKING MORE INDEPENDENTLY ON
THEIR OWN TERMS SOMETIMES
HANDYMAN OR HER DRESSES WERE
WORKING ONE DAY A WEEK
SOMETIMES ONE DAY
A MONTH. AND THEY WERE PAYING
FOR INSURANCE BY THE YEAR.
SO WE OFFER THEM THE ABILITY TO
BUY ON DEMAND BY AN APP
ANYWHERE FROM AN HOUR TO YEAR
SO THAT IT CAN
GET MORE WORK AND SO BASICALLY
WHAT WILL BE TALKING ABOUT IS
THE FACT THAT 60% OF OUR
CUSTOMERS BELIEVE THAT THEY ARE
PART OF THE
GIG ECONOMY, BUT ONLY 4%
BELIEVE THAT THEIR GIG ECONOMY
WORKERS I THINK THE REASON FOR
THAT IS GIG ECONOMY WORKERS HAS
COME TO BE ASSOCIATED WITH
WORKING FOR A SINGLE PLATFORM
LIKE AN
UBER POSTMATES ETCETERA NOT
PEOPLE THAT ARE DIPPING IN AND
OUT TO GET MORE WORK WHAT DO
YOU WANT TO CONVEY.
>> YOUR TESTIMONY IN TERMS
OF WHAT RIGHTS FEES GIG SHOULD
GET.
>> ALSO WE WANT TO CONVEY THAT
THE GIG ECONOMY IS MUCH BIGGER
THAN JUST THE POPULATION OF
UBER DRIVERS WERE OR PURSE MADE
SCORE YEARS. IT IS ALL OF
A HANDYMAN HAIRDRESSERS AND
OTHER SMALL BUSINESSES ALL
ACROSS THE
UNITED STATES THAT ARE NOW
WORKING IN VERY DIFFERENT WAYS
TO THE WAY THAT THEY USE TO
WHICH IS BASICALLY FRACTIONALLY
AND BY THE JOB AND SO WE WANT
TO MAKE FOR THAT WHATEVER LAWS
OR REGULATIONS ARE CONSIDERED
THEY DON'T ACCIDENTALLY CHILLED
THE MARKET FOR THESE TYPES.
WORKERS OR AFFECT THEIR ABILITY
TO EARN A LIVING.
>> SHOULD BE IMPLEMENTED FOR
THESE GOOD WORKERS.
>> ALSO SO RIGHT NOW WE DON'T
BELIEVE THAT THERE ARE
ANY NEW BENEFITS THAT NEED TO
BE IMPLEMENTED. THESE PEOPLE
ARE CONTRACTORS BY CHOICE, THEY
LOVE THE FREEDOM
AND FLEXIBILITY. THE SERVICE
THAT PROVIDES ALLOWS THEM TO
GET MORE WORK AND OPERATE ON
PAR WITH LARGER BUSINESSES.
AND SO WE DON'T BELIEVE THAT
THERE ARE ANY ADDITIONAL
COVERAGE IS THAT THEY WANT FOR
THIS
PARTICULAR SEGMENT FOR PEOPLE
THAT ARE WORKING FULL TIME FOR
OVER A POSTMAN 6 AFTER THAT'S A
SEPARATE DISCUSSION, BUT LET'S
HAVE A
DISCUSSION SEPARATELY.
>> SO YOUR POINT IS TRYING TO
CONVEY THE GIG ECONOMY IS
PRETTY BIG AND YOU WANT TO
STAY.
>> AS IS IN TERMS OF THE
LEGALITY AROUND DIVERSE IS
TURNING SOME OF THESE GIVE
WORKERS INTO FULL-TIME
EMPLOYEES.
>> RIGHT I THINK THE GIG
ECONOMY IS ENORMOUS IT IS
INEVITABLE. IT IS THE FUTURE IT
IS THE WAY PEOPLE WORKING
AND WHO WOULD WANT TO PREVENT
PEOPLE FROM WORKING ON THEIR
OWN TERMS.
>> AND JUST TO BE CLEAR.
THIS IS THE OPPOSITE OF THE
RULING THAT WE SAW IN
CALIFORNIA RIGHT WHERE THEY
DECIDED THAT
THESE WORKERS OVER DRIVERS WHO
WERE CONSIDER GAVE WORKERS FOR
YEARS WRITING BUILT THIS A
MULTIBILLION-DOLLAR COM MONEY
REALLY CALIFORNIA WAS THE
OPPOSITE ACTUALLY THAT THESE
PEOPLE DO NEED TO BE TREATED AS
EMPLOYEES WITH ACTUAL BENEFITS.
>> SO WILL SELL A 100,000
POLICIES THIS YEAR AND 67% OF
OUR CUSTOMERS
HAVE NEVER TAKING ANY BUSINESS
FROM AN UBER POSTMATES EVEN
HOME ADVISOR OR HANDY ALREADY
ONLINE POP AND THEY MAKE THEIR
THEY MAKE THEIR BUT THEIR
OWN WAY. THEY BUILD THEIR
BUSINESS THEIR OWN WAY SO IT'S
A VERY DIFFERENT POPULATIONS.
SO I THINK IT'S A IT'S JUST NOT
TALKING ABOUT THE SAME PEOPLE
THAT THE LAW IS INTENDED
TO ADDRESS.
>> OF THE PEOPLE THAT YOU DO
SERVICE TO OUR CLIENTS. WHAT
ARE THERE MAY NEEDS AND WHY ARE
THEY GOING TO GAMBLE WHAT ARE
THEY LACKING IF NOT
USING TUMBLE.
>> SO BASICALLY THERE ARE 2
REASONS THE FIRST REASON IS
BECAUSE THEY WANT TO GET MORE
WORK AND THAT MOST
OF THE QUALITY JOBS IN AMERICA
REQUIRE THAT YOU SHOW A
CERTIFICATE OF INSURANCE
PREVIOUSLY THAT SPEAK BEEN THE
EXCLUSIVE DOMAIN OF LARGE
BUSINESSES THAT CAN AFFORD
ANNUAL INSURANCE BUT WITH US AT
THE TAP OF AN APP YOU CAN BUY
AS LITTLE AS AN HOUR AT A TIME.
NOW THE SMALLER BUSINESSES HAVE
THE GREAT EQUALIZER TO BE ABLE
TO WORK ON THEIR OWN TERMS.
>> RECENTLY REBRANDED AS OF
TODAY, THE COMPANY FROM THERE A
FLIGHT TO ALL WHAT WAS BEHIND
THAT IS THE MISSION
STATEMENT CHANGE.
>> I'VE BEEN MISSION STATEMENT
IS ABSOLUTELY THE SAME BUT IT'S
MUCH BIGGER. SO WE STARTED OUT
WITH ONE PARTICULAR TYPE OF
BUSINESS ACTIVITY THAT WE'RE
COVERING NOW WE COVER A
120. WE STARTED OUT WITH
MILLION THAT WE HAVE MILLION.
AND SO BASICALLY THE MISSION
IS MUCH
BIGGER IT IS NOW ALL OF SMALL
BUSINESS AND TO BE ABLE TO HELP
PEOPLE SUCCEED ON THEIR OWN
TERMS.
>> BUT THIS NEW ROUND OF
FUNDING THEY HAVE 22 MILLION
SERIES A WAS THE FIRST
IMMEDIATE STEPS ARE ONE TO 2.
THE FOR THE BUSINESS.
>> SO THE FIRST IMMEDIATE STEPS
WE'RE GOING TO TAKE A IS
HIRING. SO WE CAN'T HIRE
FAST ENOUGH. IN PRODUCT AND
ENGINEERING AND FINANCE ET
CETERA WE HAVE SO MANY MORE
TYPES OF PRODUCTS WE WANT
TO CREATE OTHER INSURANCE
PRODUCTS THAT PEOPLE ARE ASKING
FOR BUT WE CAN'T YET DELIVER
BECAUSE THE INTEREST RATE OR
PROCESS IS VERY COMPLICATED
YOU'VE GOT TO GO TO
EACH STATE. YOU KNOW AND GET
REGULATORY APPROVALS, AH BUT
THAT'S SOMETHING THAT
WE ARE ENGAGING A ARRAY OF
PEOPLE TO DO VERY SMART PEOPLE.
>> YOU'RE SPEAKING ABOUT A
BROAD SWATH OF PEOPLE WRITE IN
TOMORROW IN YOUR TESTIMONY AND
HE TALKED TO SOME OF THESE
THESE WORKERS THEY TELL YOU
THAT
THEY PREFER TO BE TREATED AS
GAY WORKERS IN THE STATE IN
NEW YORK.
>> ABSENCES SO WE SO WE DON'T
OPERATE OUR GENERAL AS A
PLATFORM IN THE CASE SAID IN
YOUR FRONT
48 BUT BASICALLY THEY DO TELL
US THAT THEY LOVE THE FREEDOM
AND FLEXIBILITY WORKING ON
THEIR OWN TERMS.
YOU KNOW WE HAVEN'T
MID-EIGHTIES
THE PROMOTERS 4 PEOPLE WRITING
EVERY DAY SAYING HOW WE GOT
THEM A JOB AND BASICALLY WE
NAVAL THEM TOGETHER TO DO
SOMETHING THAT THEY COULD NOT
OTHERWISE DO THROUGH TECHNOLOGY
WHICH I THINK IS THE ENTIRE
POINT OF THESE ECONOMY
PLATFORMS IN THE FIRST PLACE.
SO I THINK WE'RE JUST TRYING TO
BEAR THAT IN PERSPECTIVE IS WE
THINK ABOUT HOW TO GROW THIS
HOW DO YOU THINK.
>> AND PEOPLE ARE INTERESTED IN
MOVING FROM CALIFORNIA GIG
ECONOMY
WORKERS AFTER THAT THAT BILL
WAS VOTED ON RIGHT COMING TO A
PLACE LIKE NEW YORK OR CHICAGO
OR DALLAS OR WHEREVER IT
MAY BE TO STILL BE ABLE TO WORK
IN THE WAY THAT THEY SO CHOOSE.
>> CALIFORNIA IS OUR
BIGGEST STATE. IT WILL PROBABLY
ALL ALWAYS BE OUR
YOU KNOW, SO WE SEE NOBODY AS
OF YET AND BASICALLY WE DON'T
THINK PEOPLE WANT THESE RULES
TO APPLY TO THEM. THAT ARE NOT
WORKING FULL TIME FOR THESE
KIND OF SERVICES
LIKE UBER WE BELIEVE THAT OUR
OUR POPULATION ARE LEGITIMATE
CONTRACTORS AND THEY LOVE WHAT
THEY DO AND THEY'RE GOING TO
KEEP DOING IT AS LONG AS
THEY'RE ABOUT TO.
>> SO TO THAT POINT LOOKING AT
YOUR CUSTOMER BASE TO MOST OF
THEM THINK OR HOPE THAT THEY
WILL EXIST THE GIG ECONOMY INTO
PERPETUITY ARE THEY HOPING TO
TRANSITION FULL-TIME WORK OR IS
THIS KIND OF WHAT THEY
THEY'VE CHOSEN.
>> YES AND THAT IT IS IT IS
THEIR BAY, SOME OF
THEM ARE TAKING CARE OF FAMILY
MEMBERS, SOME OF THEM ARE JUST
STARTING OUT MAY ONLY HAVE ONE
DAY A WEEK TO GIVE TOWARDS A
NEW HAIRDRESSING PROFESSION.
BUT WHATEVER IT IS THEY'RE
TRYING TO LIVE LIFE ON THEIR