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Alexandra Williamson, Ex-Bumble Chief Branding Officer, Launches Income Insurance Startup

Alexandra Williamson, 33, handled fibromyalgia all through her 20s. The medical situation causes in depth muscle ache. [Credit: Asteya]

When a fibromyalgia flare-up left Alexandra Williamson unable to stroll and compelled her to go on medical go away from her job in 2019, she determined she wished to help individuals with bodily impairing circumstances like hers who might not have entry to the identical advantages she did. 

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That’s when Williamson, then the Chief Model Officer at Bumble, swiped left on dating and proper on the lesser-known subject of revenue insurance coverage. She co-founded Asteya, a startup that extends insurance coverage safety to individuals within the occasion of a medical disaster that may stop them from doing their jobs. 

However despite the fact that revenue insurance coverage might not have the identical attractive ring to it as an app to search out love, Williamson is taking a web page from one other fashionable trade’s handbook. 

“I noticed in a short time that the best manner to assist someone of their wellness journey is to assist shield their funds, as a result of funds are the heartbeat of wellness,” she stated concerning the motivations behind her Miami-based firm. 

Asteya was already within the works when Williamson determined to hop on board as a co-founder with colleague Hadi Radwan, however she was capable of safe the assistance of angel buyers reminiscent of Bumble founder and shut good friend Whitney Wolfe-Herd and Canadian funding whiz Geeta Sankappanavar, together with backing from 5 enterprise capital corporations. Williamson rebranded Asteya and launched in March with $10 million in funding. (Her workforce declined to share numbers associated to income and income.)

Branding: Her Robust Go well with 

The gig economic system was already booming earlier than the pandemic, however in 2020, the variety of freelancers in the US grew to 59 million, which implies workers are working with fewer advantages. 

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Williamson’s enterprise is designed to cater to those staff.

“Our present providing is concentrated particularly on individuals who work freelance jobs, self-employed jobs,” Williamson stated. “All people deserves to have this product. It’s not one thing that needs to be reserved for prime earners.”

Individuals can apply for federal incapacity insurance coverage, however the course of is commonly lengthy and convoluted. Asteya, in the meantime, works extra like your Netflix account — a month-to-month subscription that begins at $6/month, with a one-time payout of as much as $500,000 within the occasion of a medical emergency. 

It additionally requires only one type to fill out and may provide a quote in minutes fairly than the standard ready interval that may stretch on for weeks or months.

The objective, Williamson stated, is “simplifying the method, from the expertise to the product to the way in which it’s communicated with the tip client.”

“We’re centered on shifting from what insurance coverage has been generally known as, and actually changing into advocates for our clients,” she added. 

Clear-Visioned Targets

When trying into the sphere, one statistic struck Williamson: most insurance coverage corporations will cost ladies 40% to 50% extra in insurance coverage premiums than males, just because ladies are statistically extra prone to file incapacity claims. 

To introduce a measure of fairness into insurance coverage, Williamson has branded the corporate as solely gender-neutral. Difficult gender norms is nothing new for her — at Bumble, she made the app stand out by giving ladies the facility to make the primary transfer. 

With Asteya, Williamson hopes to succeed in potential clients who take a holistic strategy to their well being. 

“It’s very laborious to maintain your bodily and psychological well being in case your funds aren’t so as,” she stated. “[Income insurance] turned a ardour venture for me as a result of I noticed how vital it’s for individuals to have entry to this chance to guard their monetary well being.” 

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