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New disability insurance option for the self-employed, starting at just $6/month

Posted: 19 March 2021 4:35 pm

Asteya offers up to $500,000 in coverage for freelancers, gig workers and small businesses.

Miami-based startup Asteya envisions a world where even those who are self-employed can insure against lost income if they can’t work because of an illness or condition.

The startup is poised to offer products to workers who traditionally can’t find many income protection options — including entrepreneurs, freelancers, gig workers and small businesses.

“At Asteya, our mission is to re-imagine disability insurance. Disability insurance is a well-kept secret that more people need — and we want to support and be an ally for people’s mental, physical and financial wellbeing,” CEO Alex Williamson told Finder.

“We’ve created online income insurance products that are incredibly accessible, getting people from quote to policy within minutes. The way people work has drastically changed over the last few decades — with more than 1/3 of Americans now a part of the gig economy — but the insurance industry at large hasn’t. We want to make income insurance coverage that everyone can have, no matter what their income, profession, race or gender.”

The company is starting out on solid financial footing, with its policies backed by insurance giants Munich Re and Lloyd’s of London. Asteya is founded by CEO Alex Williamson, Bumble’s former chief brand officer, and Hadi Radwan, Asteya’s chief product officer.

Value is a main focus

The brand offers a quick, flexible approach to providing disability coverage by “creating a seamless user experience, improving speed to decision and emphasizing affordability as our top priorities,” Radwan said in an announcement. “Our goal is to make Asteya plans accessible to as many people who need them as possible.”

Asteya’s quick quoting process will likely help the company keep its disability premiums low. Currently, customers can buy policies for as little as $6 a month.

How Asteya compares to competitors

As an online-based disability insurance provider, Asteya will compete with a handful of other fintech companies that could be options for self-employed workers.

Asteya can stay competitive by building options for people who can’t currently get disability coverage as well as by meeting its customers’ pain points.

“Traditionally, it can take anywhere from a week to a few months to get from quote to policy. Asteya has released a fully digitized and automated product that takes people from a quote to a policy in their inbox in minutes,” Williamson told Finder.

“Another pain point is the lack of awareness and education on the importance of having income insurance. Our team is working on exclusive content that will help the people become more aware of why every household needs to buy income insurance, the same way they buy car insurance to protect their car.”

However, customers may be comparing Asteya’s products to its competitor Breeze, another online-based disability insurer that offers instant coverage.

Breeze offers a slew of benefits built into its standard policies, including coverage for home modifications and vocational rehabilitation. Though still new on the market, Breeze also has garnered high positive reviews from customers online.

Products designed for women, families in the works

Asteya plans to expand its offerings to those who can’t get disability insurance through their employer, along with offering family plans that insure both partners’ income, according to the company’s website.

In addition, the company has a focus on lowering disability insurance costs for women. The website states that its “current product is gender neutral” and that it’s working with experts to accurately depict the risks of insuring women — in hopes of improving disability benefits and lowering its costs for women.

Image: Getty

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