Last week Garrett, our CEO, sat down with the guys at Aperture for a series of conversations on the Future of work. In this two-part series, they spoke about the societal problem Trezeo is designed to solve, how we work with on-demand labour platforms and also to understand the network effects that underpin our business model
Here are the key points that were discussed:
Part One -
• Bringing insurance into Trezeo shows people that this is much more than just a bank account, this is about protecting them and a new of thinking about things.
• We are looking into other benefits and are at the early stage of working out how we can make pensions and retirement work for these workers
• Right now in the UK there are over 5 million self-employed workers, we are seeing a real shift in how people work.
• People who are making that jump to self-employment or freelance are stepping off a cliff financially, they lose that protection that employers give them.
• Employee based schemes are packaged for a workforce that are either employees or employers, financially the self-employed sit in the middle
• As this shift changes, if we don’t find solutions we will end up with a social issue with more and more of the workforce being excluded.
• What we have learnt is instead of focusing on a single product if we broaden out our services people understand more what we have to offer and what can benefit them the most. This is much more about protecting them and a new of thinking about things.
• This insurance gives a layer of protection to help with ‘what if this was to happen’ and then as we build out further capabilities they can then decide what is important to them.
• Taking away that panic of trying to manage money and allowing members time to decide ‘Actually where do I stand?’ and ‘What are the right things for me?’
• Trezeo is not a social enterprise, it is a for profit investor-backed enterprise. But that doesn’t mean that you cannot still do a good thing.
• Technology is allowing us to create affordable and accessible products to a wide range of people but also having really good commercial business on top of that.
• Key network effects we are focusing on are being able to use key data in order to help our customers really understand where they sit compared to other customers, for example helping them understand when things are quiet or busy.
• Most of our customers want the protection of sick or holiday pay, but with the flexibility of being able switch on and switch off work when they want.
• There is a huge competition of work, there are shortages in almost all every category of the industry.
• Even more traditional contractors are understanding the benefits of having protection for their workers, so if there is a service they can use or refer their workers to then that’s a win-win.
• The next major step is getting our first few major partners live on the platform to give us a foundation and the case studies to really push hard for larger investment.
• The most challenging thing is the scale of our ambition, we are trying to build in so many directions with such a small team.
• We’re trying to build a broader product set, a community driven customer base and a partner base and engage with banks…and fund it all!
• Some will say its social enterprise, but our most material partnerships are with like-minded companies in terms of our vision for the future of a much easier environment to work in and work together.