In a bold reimagining of life insurance, Zac Townsend and Annie Tay are pioneering a new frontier—offering life coverage denominated entirely in Bitcoin. Their Bermuda-based company, Meanwhile, has emerged as the world’s first licensed and regulated life insurer to operate fully within the digital asset ecosystem. From premiums to claims, reserves, and investments, every financial component is anchored in Bitcoin.
Launched in June after securing $19 million in funding from high-profile backers like Sam Altman and Gradient Ventures, Meanwhile initially offers a tax-compliant whole-life policy tailored for long-term Bitcoin holders. With plans to expand its product suite, the startup aims to serve a rapidly growing demographic: digitally native individuals who view Bitcoin not just as currency, but as intergenerational wealth.
"We want to be the world’s largest life insurance company, serving a billion customers," says CEO Zac Townsend.
This isn’t Townsend’s first venture. After co-founding Standard Treasury—a Y Combinator-backed banking-as-a-service platform acquired by Silicon Valley Bank—he served as California’s chief data officer and later worked at McKinsey. But the drive to innovate pulled him back into entrepreneurship. Teaming up with Max Gasner, Townsend launched Meanwhile with a clear vision: build a life insurer rooted in digital assets from the ground up.
Joining him is Chief Risk Officer Annie Tay, a seasoned actuary with global experience across Australia, the UK, and international regulatory bodies. Her career includes leading fintech initiatives at the Prudential Regulation Authority and collaborating on crypto-related regulations with the International Association of Insurance Supervisors.
When invited to join Meanwhile, Tay embraced the challenge despite skepticism from peers in traditional actuarial circles.
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The Rise of Digital Asset Insurance
The intersection of life insurance and cryptocurrency may seem unconventional, but Townsend and Tay argue it's inevitable. Millennials and Gen Z—digital natives who hold significant portions of their wealth in crypto—are underserved by legacy financial systems.
Bitcoin, specifically, was chosen as the foundation due to its resilience since its 2009 inception. Its growing acceptance as a store of value aligns closely with the long-term nature of whole-life policies.
“There are folks passionate about Bitcoin as intergenerational wealth,” Townsend explains. “That culture fits perfectly with lifelong financial planning.”
Meanwhile operates under the strict oversight of the Bermuda Monetary Authority (BMA), known for its progressive stance on innovation while maintaining rigorous consumer protection standards. Unlike many crypto ventures operating in regulatory gray zones, Meanwhile prioritizes compliance and transparency.
Tay draws parallels between today’s crypto landscape and the early days of China’s insurance industry in the 1990s—a period marked by bad actors and weak regulation. Yet, over time, robust frameworks emerged, transforming China into the world’s second-largest insurance market.
“The digital asset industry is going through a similar maturation,” she says. “Regulators in Japan, Hong Kong, UAE, the UK, and even the U.S. SEC are establishing clear rules. This is a sign of evolution, not decline.”
Rethinking Insurance from First Principles
While being Bitcoin-native grabs headlines, Meanwhile’s true differentiator lies in its operational philosophy: solving problems from first principles.
“Every team member thinks critically about why things are done a certain way,” Townsend says. “We focus on talent density—deep expertise per person—rather than headcount.”
Traditional insurers often struggle with innovation due to legacy IT systems, bureaucratic processes, and risk-averse cultures. Meanwhile, starting fresh with a single product, can design each step—from underwriting to claims—with efficiency and scalability in mind.
This approach enables agile decision-making and rapid iteration, hallmarks of tech startups now applied to insurance.
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FAQ: Understanding Bitcoin-Based Life Insurance
Q: How does a Bitcoin-denominated life insurance policy work?
A: All aspects—premiums paid, reserves held, and death benefits paid out—are calculated and settled in Bitcoin. This eliminates currency conversion risks for holders who store their wealth in digital assets.
Q: Isn’t Bitcoin too volatile for insurance?
A: While Bitcoin’s fiat price fluctuates, Meanwhile’s liabilities and assets are both denominated in BTC. As long as the insurer holds sufficient Bitcoin to cover future claims, short-term volatility doesn’t impact solvency.
Q: What happens if Bitcoin’s value drops sharply?
A: Since policies are priced in BTC, not dollars or euros, the real value remains consistent for policyholders. The insurer doesn’t face currency mismatch risk.
Q: How does Meanwhile generate returns on premiums?
A: Premiums collected in Bitcoin are invested in private assets and lent to qualified crypto market makers—entities that provide liquidity in digital asset markets—after thorough credit evaluation.
Q: Are there enough long-term assets to match decades-long liabilities?
A: Currently, one of the biggest challenges is reinvestment risk—few Bitcoin-denominated instruments offer maturities beyond one year. Meanwhile is actively exploring yield arbitrage strategies and working with rating agencies to develop digital asset evaluation standards.
Managing Risk in a New Paradigm
Despite operating in a novel space, Meanwhile applies traditional actuarial rigor to risk management. Reinvestment risk, counterparty default risk, and operational resilience are all addressed using proven methodologies—adapted for digital infrastructure.
Townsend notes that solvency capital requirements are primarily driven by term structure risk—the mismatch between long-term liabilities and short-duration assets.
To mitigate this, Meanwhile conducts full credit diligence on borrowers, avoiding institutions whose balance sheets rely heavily on other volatile tokens. The company is also developing Bitcoin-native hedging tools and collaborating with institutional partners on yield optimization.
Tay emphasizes that collaboration across mainstream and emerging financial institutions is key to building sustainable models for this new asset class.
Why Actuaries Matter in Web3
Ironically, Townsend—who didn’t train as an actuary—sees immense value in hiring them.
“Anyone doing something innovative in insurance doesn’t just need actuaries—they attract them.”
Since launching, Meanwhile has seen strong interest from young actuaries eager to work on cutting-edge problems rather than repetitive tasks in traditional firms.
Many feel stifled by outdated systems where automation should have replaced manual processes years ago. At Meanwhile, actuaries engage directly in product design, investment strategy, reserving models, and regulatory innovation.
Tay believes actuaries are uniquely positioned to thrive in this evolving landscape—provided they modernize their toolkits without abandoning core principles.
“We must embrace new technologies like AI and blockchain while staying grounded in actuarial science,” she says. “An open mind is essential.”
A Vision for Impact at Scale
For Townsend, founding startups isn’t about profit alone—it’s about impact.
“I want to positively affect people’s lives at scale.”
Life insurance, when accessible and aligned with how people actually hold wealth, becomes a powerful tool for financial security across generations.
Tay adds that actuaries can play a transformative role beyond traditional roles—contributing to sustainability-linked insurance products, climate risk modeling, and inclusive financial solutions.
The future of insurance isn’t just digital—it’s purpose-driven, tech-enabled, and built on trust.
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Core Keywords: Bitcoin life insurance, digital asset insurance, crypto life policy, actuarial innovation, Web3 insurance, Bitcoin-denominated assets, decentralized finance (DeFi), insurtech startups