Driven by a mission to make life less hard, Haven Life Insurance Agency, LLC(Haven Life) has been committed to modernizing the life insurance buying experience. As the Massachusetts Mutual Life Insurance Company (MassMutual)-backed innovator turns four, bringing new products and technologies to market and further reimagining the industry’s relationship with customers will be key focuses to help more individuals get much-needed financial protection.
“In the past four years, we have championed customer-centric innovation in the industry and helped families purchase billions of dollars in term life insurance protection,” said Yaron Ben-Zvi, CEO of Haven Life and Head of Platform Innovation at MassMutual. “For us, this past year will always be remembered as the one where we paid our first claim. Of all the milestones we’ve crossed, the most important was fulfilling a commitment that we and MassMutual made to our policyholder and her loved ones. It means everything to us.”
Haven Life has successfully created unique technology solutions for application taking, underwriting and policy administration systems. Looking forward, Haven Life’s team is tasked with leveraging the technology in new ways. Bringing new products to market is one way, but the reach of Haven Life’s technology platform also is extending within MassMutual to power advisor-lead and direct-to-consumer channels.
Reduce friction with InstantTerm, the no-medical-exam underwriting experience
Haven Life and MassMutual have created award-winning technology to streamline the medical underwriting experience while maintaining affordable rates. Haven Life sees that customers who qualify for the no medical exam, InstantTerm process are three times more likely to end up buying a policy than those who don’t.
Available to qualified applicants up to age 59 and $1 million in coverage, the InstantTerm underwriting program is improved iteratively and continues to be a strategic focus for both businesses.
[Policy issuance and payment of the death benefit depends on the truthfulness of answers in the application.]
PROBLEM; WE ARE LIVING LONGER.
THE SOLUTION? MORE REALISTIC ANNUITY TABLES
To tackle the massive retirement fund gap created by increased life expectancy and lack of sufficient assets, in August 2018, Haven Life acquired the team and key assets from digital insurance broker Quilt. The team has conducted extensive consumer research on longevity-focused annuities and found that when simplified and created with the target customer in mind, it can be an incredibly attractive product to address the financial concerns of future retirees. The MassMutual-issued annuities product will be brought to market using Haven Life’s tech stack later this year.
In addition to annuities, the Haven Life team is also exploring other MassMutual-issued products to offer alongside the flagship medically underwritten Haven Term policy and is talking to other partners who are looking to offer unique life insurance solutions to their customers.
Expanding Haven Life’s relationship beyond life insurance coverage
Haven Life Plus provides policyholders with benefits that help them live healthier, fuller and more protected lives. This innovative rider to the Haven Term policy gives customers access to no-cost or discounted services including an online will provider, a digital safe deposit box, and family health clinic services. Life insurance buyers who read messaging about Plus are two times more likely to end up buying a Haven Term policy. In the coming months, Haven Life will announce two new Plus partners.