Scout InsurTech Interview with Meanwhile

Meanwhile is the first and only life insurance company denominated in Bitcoin. They seek to help your Bitcoin grow tax-free, within a regulated structure. Chris Luiz sat with CEO, Zac Townsend, to learn more about how Meanwhile is impacting the industry.

Who are your clients?

We work primarily with sophisticated individuals and institutional partners who are interested in Bitcoin-denominated life insurance products. Our distribution partners include MGAs, BGAs and IMOs looking for innovative offerings. We've also seen traction with independent agents and RIAs who position our product as a complement to traditional offerings. Additionally, we're engaging with mid-tier carriers seeking growth opportunities, especially those who feel stuck between the dominant players and smaller firms.

What does your product do?

We offer a fully regulated offshore whole life insurance product denominated entirely in Bitcoin - meaning our carrier and product simply use Bitcoin as their functional currency. Clients pay premiums in Bitcoin and receive guaranteed death benefits in Bitcoin. The policies are simple, limited-pay whole life insurance, think 1 Bitcoin per year for 10 years with a guaranteed payout upon death. We built our own policy administration and underwriting systems and operate as a full-fledged life insurer.

How much capital have you raised?

We recently raised a $40 million Series A round, which may be among the largest Series A rounds in insurtech history, depending on how it's measured.

Was the company born from within or outside the industry?

The company was founded by technologists, not traditional insurance professionals. I was an early employee at Stripe, founded a company acquired by Silicon Valley Bank, led product at Gusto and ran McKinsey’s North America FinTech practice. We’ve since built a strong internal insurance team, including veterans from New York Life and Catalina.

What growth metrics have you accomplished over the last 12 months?

We launched the product in January 2024, after founding the business in early 2022. While we’re still early and relatively small, we've recently announced our Series A and will be publishing audited financials. These developments are helping us expand distribution and build credibility.

Within your domain, what is the current challenge that the industry is facing?

Life insurance is traditionally very slow to innovate. While other sectors like personal lines P&C have modernized, life insurers often lag behind in technology adoption. Many large life insurers still operate using spreadsheets and manual models. There’s a significant gap between the capital they have and the technology they use, which creates an opportunity for us.

How does Meanwhile take a unique approach to providing value?

Our core innovation is in creating a fully Bitcoin-denominated life insurance product, which eliminates currency conversion risk and appeals to people concerned about inflation, regime instability or currency devaluation. We are also exploring annuity products indexed to Bitcoin and are working with reinsurers to bring crypto-linked insurance products to market. Our model resonates with people who view Bitcoin as a global store of value and want to include it in their long-term financial planning.

What inspired the team to start this company?

We started by viewing crypto as a new kind of country: global, decentralized and with its own economy. We asked what institutions that economy would need and realized that while there were many exchanges and payment systems, there was a gap in life insurance. We combined that vision with our comfort around regulatory frameworks and our ability to execute complex startups, especially in environments like Bermuda.

Can you share any goals for the next 12 months?

We plan to launch an annuity product soon. Our broader ambition is to scale life insurance and annuity offerings globally. We want to become a dominant player in the market while maintaining our lean and tech-driven operating model. Distribution remains a key challenge and opportunity, and we’re focused on solving it through strategic partnerships.

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