Zac Townsend and Annie Tay are revolutionizing life insurance by introducing Bitcoin-denominated policies. In this exclusive interview, they share insights on running a digital asset-focused insurer and the evolving role of actuaries in the crypto industry.
A Pioneering Bitcoin Life Insurance Model
Based in Bermuda, Meanwhile is the first fully licensed and regulated life insurer to offer policies denominated in Bitcoin. All premiums, claims, reserves, and investments are managed in BTC, aligning with the growing demand for crypto-based financial solutions.
Key highlights:
- Raised $19M from top investors, including OpenAI’s Sam Altman and Gradient Ventures.
- Offers tax-compliant whole-life policies tailored for Bitcoin holders.
- Plans to expand its product lineup to serve a broader customer base.
CEO Zac Townsend envisions Meanwhile as "the world’s largest life insurance company," targeting 1 billion customers. His entrepreneurial journey includes founding Standard Treasury (a Y Combinator-backed fintech firm) and serving as California’s Chief Data Officer.
CRO Annie Tay, a seasoned actuary, brings global regulatory expertise from roles at Prudential Regulation Authority (UK) and the International Association of Insurance Supervisors.
"Insurance is an endless series of opportunities to explore. We’re not the type to build a one-trick company."
— Zac Townsend
Why Bitcoin?
Despite crypto’s rocky reputation, Townsend and Tay believe digital assets are here to stay. Bitcoin’s resilience as a store of value makes it ideal for long-term life insurance products.
Regulatory Commitment
Meanwhile operates under the Bermuda Monetary Authority (BMA), adhering to strict standards:
- Full balance sheet transparency in BTC.
- Policyholder protection as the top priority.
Tay compares crypto’s current state to China’s early insurance industry—initially chaotic but now one of the world’s most regulated sectors.
Tech-Driven Insurance Innovation
Unlike traditional insurers bogged down by legacy systems, Meanwhile builds from scratch:
- AI-driven underwriting and risk assessments.
- Minimalist product design for scalability.
Talent Philosophy
Townsend prioritizes "talent density" over headcount, hiring experts who rethink insurance from first principles.
Challenges & Solutions
Reinvestment Risk
With decade-long liabilities, Meanwhile faces challenges matching Bitcoin-denominated assets. Strategies include:
- Lending to vetted crypto market makers.
- Developing digital asset ratings with regulated agencies.
Risk Management
Tay emphasizes collaboration with mainstream and crypto-native institutions to refine risk frameworks.
The Actuary’s Evolving Role
Why Actuaries Matter in Crypto
- Product design and solvency modeling.
- Risk management for emerging asset classes.
Townsend notes young actuaries are drawn to innovative ventures, fleeing traditional insurers’ "mechanical tasks."
Tay’s Advice for Actuaries:
"Embrace new tech while staying true to actuarial science. The profession must modernize to stay relevant."
FAQ
Q: Is Bitcoin too volatile for life insurance?
A: Meanwhile mitigates volatility by matching BTC-denominated assets to liabilities.
Q: How does Meanwhile ensure policyholder safety?
A: Rigorous BMA oversight and transparent reserves.
Q: Will Meanwhile expand beyond Bitcoin?
A: Yes—future products may include other digital assets.
👉 Explore Bitcoin insurance solutions
👉 Why crypto-native insurance matters
The digital asset era demands flexible, tech-savvy insurers—Meanwhile is leading the charge. As Townsend puts it: "We’re here to make a big impact."