(Image source: Asteya homepage.)
Asteya, a Miami-based income insurance distribution startup whose declared mission is to provide financial health and wellbeing by transforming the disability insurance space, has announced its launch and disclosed fundraising of $10 million. Investors include I2BF Ventures, Capital Factory, Cap Meridian Ventures, Northstar Ventures, Atrum, as well as angel investors Whitney Wolfe Herd and Geeta Sankappanavar.
Asteya was founded by CEO Alex Williamson, the former Chief Brand Officer at Bumble and Hadi Radwan, Chief Product Officer. The company reports that it is working with A-rated carriers including Munich Re (through Great Lakes Insurance Se) and certain underwriters at Lloyd’s, specifying IDU Inc. on its website.
“We’re thrilled to announce our public launch to begin to help make income protection accessible for all,” Williamson comments. “For so many of us, our income and wellness are intertwined—and yet there are not enough solutions for when the unexpected happens. Asteya is designed to empower people for the way we work and live today.”
Asteya seeks to address the limitations of traditional disability insurance, which has typically protected workers against unforeseen gaps in income, related to health problems, injuries, or even childbirth. Such programs are often supplied by employers, but coverage can be uneven, and as the way people work continues to evolve, with an increasing number of Americans self-employed or classified as 1099 workers. Asteya insists that the disability insurance market has not evolved with these changes in working patterns. The company says that one out of three people will be unable to work due to wellness complications at some point before retiring, yet 50 million working adults do not have income protection.
Geared toward Gig Workers
Asteya describes its solutions as purpose-built to help give people peace of mind and trully useful support. The company’s applications are completely online and users may get coverage within minutes rather than days and weeks. The Asteya’s first offering is geared toward individuals such as gig economy workers, who can take protecting their income into their own hands with monthly plans, similar to the structure embraced by life insurance. Asteya says its goal is to make shopping for income insurance quick, convenient and affordable.
“Asteya’s approach delivers flexibility in protecting income, which for us likewise means creating a seamless user experience, improving speed to decision, and emphasizing affordability as our top priorities,” Radwan comments. “Our goal is to make Asteya plans accessible to as many people who need them as possible.”