Market Overview

Meet Trupo: A New Kind of Insurance Company to Offer First-of-its-kind Safety Net to Freelancers


With independent workers on pace to become the majority of the
American workforce, Freelancers Union founder Sara Horowitz seeks to
address major gaps in US insurance market

Today marks the launch of Trupo, a new kind of company that aims to
serve a growing but often-ignored segment of the American workforce:
freelancers. 57 million people, or one-third of U.S. workers, freelance.
Unlike people who fall under what's considered traditional employment,
these individuals do not receive benefits like paid time off or
employer-provided health insurance. Without these benefits, many
freelancers struggle to save appropriately in anticipation of a rainy
day when sudden health or personal issues inevitably arise. Trupo is
designed to solve this "saving-spending treadmill" that freelancers find
themselves on.

"Until now, freelancers had nowhere to turn in those inevitable periods
when something unexpected happened and they couldn't work. The
government has turned a blind eye to the risks freelancers face while
the insurance industry has been unable to offer a solution," said Sara
Horowitz, Founder and CEO of Trupo. "Freelancers are bold and
resourceful, and they are coming together to lead this new economy.
That's why we created Trupo, so you'll be protected when you come down
with an illness and can't work. You will have a safety net you can count
on that will allow you to continue to pursue your passions and
independent way of life."

Trupo, born out of the Freelancers Union, comes amidst a period of major
change in the economy and shifting preferences on how Americans choose
to work. By 2027, more than half the country's workforce will be
comprised of independent workers encompassing a diverse range of
professions and trades, including domestic workers, graphic designers,
writers, accountants, adjunct professors, day laborers and more.

"Unlike many traditional workers, if freelancers can't work, they lose
out on critical income," said Caitlin Pearce, Executive Director of
Freelancers Union. "We're continuously striving to meet the needs of our
members, and as an investor in Trupo, we're helping shape a more
positive future for freelancers. Trupo represents an important step
forward in providing protections that will empower our members to
continue to do the work they love."

Most short-term disability insurance products currently available are
often only accessible through group plans offered by employers. Some
products may require applicants to have a W-2, making them inaccessible
to freelancers.

"As the future of work continues to evolve, shifting the ground under
millions of workers, a new set of institutions is necessary to meet the
demands of today's workforce," said Darren Walker, President of the Ford
Foundation. "Until now most freelancers have not been eligible for
unemployment insurance, but Trupo is bringing the next generation of
benefits to this critical segment of the workforce and providing the
income stability and peace of mind they deserve."

Trupo is backed by Sequoia Capital, a leading venture capital firm based
in Silicon Valley. "In Trupo, we see a company with the complete vision
and know-how to solve a real problem in our economy that's only going to
grow," said Alfred Lin, Partner at Sequoia. "We're excited to support
Trupo and its vision for providing a critical insurance product to a
completely untapped segment of the U.S. insurance market."

Reinsurance Group of America, Incorporated has contracted with Trupo to
reinsure the new insurance product. RGAX, the transformation engine of
RGA, is leading the partnership. "Even a temporary loss of income can
have disastrous impacts on a freelancer's ability to cover necessary
expenses," said Dennis Barnes, CEO of RGAX. "Together with Trupo, we can
provide freelancers with an insurance product that is optimized for
their needs and independent lifestyle. By leveraging Trupo's expertise
in this segment with RGAX's resources and industry insights, we are
confident that Trupo can fill a void in the current insurance market
that will improve the lives of its customers."

Trupo will be first available in Georgia, with additional markets to
follow. Georgia freelancers can request an invitation at
and will be notified when the plan launches later this summer.

About Trupo

Trupo is a new kind of insurance company, built by and for freelancers.
Backed by the Freelancers Union and Sequoia Capital, Trupo offers a
first-of-its-kind insurance product that protects the freelancer way of
life through tailored and affordable insurance options. Through a
partnership with reinsurer RGAX, Trupo is able to pair its extensive
knowledge of the freelance community with RGAX's deep insurance
experience and capital. This new insurance model is designed to serve
the unmet needs of the 57 million American workers who are classified as

Additional information may be found at
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About Freelancers Union

Freelancers Union is the largest and fast-growing organization
representing the 57 million independent workers across the country. It
gives its 375,000+ members a voice through policy advocacy, benefits,
and community. Since its founding, Freelancers Union has fought for and
won protections for freelance workers, including Unincorporated Business
Tax reform and successfully advocating for new models for health care.
In 2016, Freelancers Union led a victorious campaign to enact
first-of-its kind legislation in New York City giving freelancers
unprecedented protections from nonpayment. Learn more at

About The Ford Foundation

The Ford Foundation is an independent, nonprofit grant-making
organization. For more than 80 years it has worked with courageous
people on the frontlines of social change worldwide, guided by its
mission to strengthen democratic values, reduce poverty and injustice,
promote international cooperation, and advance human achievement. With
headquarters in New York, the foundation has offices in Latin America,
Africa, the Middle East, and Asia. More information can be found at

About Sequoia Capital

From idea to IPO and beyond, the Sequoia team helps a small number of
daring founders build legendary companies. We spur them to push the
boundaries of what's possible. In partnering with Sequoia, companies
benefit from our unmatched network and the lessons we've learned over 45
years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry
Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi
Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed
companies account for more than 20% of NASDAQ's total value. We're proud
that their success also fuels great causes. The vast majority of money
we invest is on behalf of non-profits and schools like the Ford
Foundation, Mayo Clinic and MIT, which means that the returns generated
from the incredible achievements of founders can make a massive

About RGA

Reinsurance Group of America, Incorporated, a Fortune 500 company, is
among the leading global providers of life reinsurance and financial
solutions, with approximately $3.3 trillion of life reinsurance in force
and assets of $59.8 billion as of June 30, 2018. Founded in 1973, RGA is
recognized for its deep technical expertise in risk and capital
management, innovative solutions, and commitment to serving its clients.
With headquarters in St. Louis, Missouri and operations around the
world, RGA delivers expert solutions in individual life reinsurance,
individual living benefits reinsurance, group reinsurance, health
reinsurance, facultative underwriting, product development, and
financial solutions. To learn more about RGA and its businesses, visit
the company's website at

Additional Quotes:

Arun Sundararajan, Professor at NYU's Stern School of Business

"Many freelancers save actively, even to the point where they
underinvest in their businesses. And yet when something happens and a
freelancer can't work for a while, savings built up over months or even
years are quickly wiped out," said Arun Sundararajan, Professor at NYU's
Stern School of Business and author of The Sharing Economy. "In fact,
this absence of an effective economic buffer impacts workers across the
spectrum—and with the ongoing seismic shift to freelancing and
crowd-based capitalism under way, fashioning a new social safety net is
a central 21st century public policy challenge. Trupo is pioneering a
solution to this problem, enabling millions in the workforce to secure
their financial futures using innovative insurance products that have
simply not existed in the past."

Jon Stein, Founder & CEO of Betterment

"Betterment's mission is to empower people to make the most of their
money so they can live better lives. That's why partnering with Trupo is
such a natural fit," said Jon Stein, Founder & CEO of Betterment, the
largest independent online financial advisor. "Together, we can make
significant progress towards achieving our mission of empowering
hardworking Americans to make the most of their financial resources.
Freelancers will now not only have access to a low cost tech-enabled
investment service, but also to an affordable, effective insurance
product ensuring that they have the safety net they deserve."

Keith Mestrich, CEO of Amalgamated Bank

"Freelance workers, though independent-minded and entrepreneurial by
nature, understand that they all benefit when they come together for a
common good," said Keith Mestrich, CEO of Amalgamated Bank. "Through
Trupo, freelancers are creating their own safety net that will provide
income stabilization in the event they're unable to work. Amalgamated
Bank was founded on the vision that workers are stronger together and
Trupo operates under that same model of building and providing financial
products tailored to meet the needs of hardworking people."

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