Today we’d like to introduce you to Jonathan Abelmann and Melbourne O’Banion.
Jonathan and Melbourne, please share your story with us. How did you get to where you are today?
We are both entrepreneurs, husbands, and fathers, who set out to solve a meaningful problem. In late 2015 while on a river rafting trip in Colorado, we started discussing the challenges around life insurance, why it’s a painful experience, and the social challenges of millions being under-served, including women. Over the following months, after our kids went to sleep, we’d get together to develop our hypothesis that millions of households are seeking a new solution to help them prepare for a better financial future. Bestow is that solution.
Bestow was self-funded in its earliest stages, received a seed investment in 2017 led by global VC firm New Enterprise Associates (NEA), and closed a $15M series A investment led by New York-based Valar Ventures in 2018.
As one of the fastest growing startups in Texas, we expect to double the size of our team between now and year-end. Bestow launched in Texas in spring 2018 and will be nationwide this quarter.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
It’s never smooth, that’s the challenge we love solving. We’re both repeat entrepreneurs and know that success is the ability to navigate the unexpected, no matter how thorough our preparation.
The reality is building a team, convincing the world’s most prolific investors to invest in Dallas over Silicon Valley, closing partnerships with century-old, multibillion dollar insurance companies, are substantial achievements comprised of countless struggles. And what we love about our team is we are all committed to struggle through barriers so millions of families don’t have to.
Bestow – what should we know? What do you guys do best? What sets you apart from the competition?
Bestow aims to help families better prepare for their financial future. Life insurance is a great start. The loss of a loved one is exponentially compounded when it’s accompanied by financial loss and mounting pressures to pay for a funeral, debts, housing, food, education, etc.
It’s sad that memorial campaigns are the most popular GoFundMe campaigns. Or when nearly 70% of single parents have no life insurance and don’t live with more peace of mind. It doesn’t have to be that way.
The challenge is until now, no one had reshaped life insurance to fit consumer preferences. Bestow allows customers to apply for life insurance anytime, anywhere, and if they qualify, get covered in less than 5 minutes. On a phone. On a desktop. In your pajamas. No medical exams and needles. No agents driven by commissions. It’s the best of technology and big data combined with the financial strength of top-rated industry giants.
Bestow is one of the most affordable and smart solutions in the market. And we’re just getting started. We’ll develop new products and solutions to advance our goal to help millions become empowered to make great financial decisions.
What is “success” or “successful” for you?
Delighting customers. Exceeding milestones. Building a rocket ship for Bestow team members to advance their careers and passions. And helping to build the Texas tech community.
Pricing:
- Starts at $2.50 per month for $50,000 of coverage
Contact Info:
- Address: Bestow
750 N. St. Paul Street, Suite 1900
Dallas, TX 75201 - Website: www.hellobestow.com
- Phone: 1-833-300-0603
- Email: team@hellobestow.com
- Instagram: https://www.instagram.com/bestow_inc
- Facebook: https://www.facebook.com/BestowInc
- Twitter: https://twitter.com/bestow_inc
- Other: https://www.linkedin.com/company/bestow-insurance/
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