By its nature, concert work is not full time. This makes insurance more difficult and certainly more expensive.
According to Statistical, only 4% of millennials had access to employer-sponsored short- or long-term disability plans. The numbers for baby boomers were not much better, reaching 3% for short-term disability and 5% for long-term disability. Generation X workers fare a little better, but not by much, with 8% having access to short-term disability plans and 9% to long-term disability plans.
The reality is that many of these workers, regardless of their generation, may not have full-time jobs in the traditional sense and choose to work for concert companies – in many cases several gig companies because surveys have found that over 70% of gig workers work for more than one company.
Insurance start-up Astéya launched with a $ 10 million round of funding to help provide gig workers with an insurance option. The Miami-based firm’s funding round included I2BF Ventures, Capital Factory, Cap Meridian Ventures, Northstar Ventures and Atrum, as well as angel investors Whitney Wolfe Herd and Geeta Sankappanavar.
The company was founded by CEO Alex Williamson, former brand manager at Bumble, and Hadi Radwan, product manager. The company is working with A-rated carriers, including Munich Re and some Lloyd’s underwriters, to offer disability insurance options to workers in concert.
“We are delighted to announce our public launch to begin to help make income protection available to everyone,” said Williamson. “For many of us, our income and our well-being are linked – and yet there aren’t enough solutions to deal with the unexpected. Asteya is designed to empower people for the way we work and live today.
Disability insurance generally helps protect workers who have income gaps due to health issues or injuries. Such programs are often provided by employers, but coverage can be spotty, the company said. With a growing number of Americans self-employed or classified as 1,099 workers, the disability insurance market has not moved with them, Asteya added, noting that one in three people will be unable to work due to health issues. at some point before retiring. yet 50 million working adults do not have income protection.
Asteya offers an online application process and can often approve users for coverage within minutes. For gig workers, its first offering will include monthly payment plans similar to life insurance.
“Asteya’s approach provides flexibility in revenue protection, which for us also means creating a seamless user experience, improving the speed of decision-making and emphasizing affordability as our top priorities,” Radwan said. “Our goal is to make Asteya plans accessible to as many people as possible who need them. “
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