At Haven Life, our tenet is to make life much less arduous. Basically, we’re speaking about insurance coverage after we say this, both time period life or incapacity, and we imply we’re making life much less arduous for you, the client of at the moment — or tomorrow.
However as of now, we’re additionally making life much less arduous for the insurance coverage business as a complete. That’s as a result of we’re rolling out Haven Applied sciences, a brand new superior insurtech platform for the life, fastened annuities and incapacity industries. As an entirely owned subsidiary of Massachusetts Mutual Life Insurance coverage Firm (MassMutual), Haven Applied sciences will leverage a SaaS (Software program-as-a-Service) mannequin to make its options out there to carriers, who can then leverage new enterprise, in-force administration and product improvement options as their very own.
We all know: That each one rolls off the tongue, doesn’t it? And it most likely requires no additional rationalization, as you’re undoubtedly on top of things on SaaS options and whatnot. However on the off-chance you’re not — it’s a busy time! — we’ve put collectively a primer to reply any burning questions you may need. Beginning with the large one.
What’s Haven Applied sciences?
Think about Haven Life is a good automotive — straightforward driving, good wanting, tricked out with the most recent and biggest in security options and high-end audio. (, the necessary stuff.) Haven Applied sciences, then, is just like the engine inside that automotive — the factor that retains it operating easily and effectively. Now, think about taking the engine (Haven Applied sciences) out of the automotive (Haven Life) and placing it in one other automotive (Insurance coverage Provider X) — that’s type of what we’re doing right here.
When Haven Life launched in 2015, it revolutionized the life insurance coverage business (if we do say so ourselves) by adopting a digital-first mannequin. That meant you would get a quote, apply for a coverage, get permitted in your coverage, after which handle that coverage, virtually totally on-line. For an business as previous as life insurance coverage — many massive American insurers are no less than a century previous, and the concept of life insurance coverage dates again a few millennia — this was fairly a breakthrough.
And extra importantly, it meant extra folks had higher entry to life insurance coverage—and reliable monetary safety makes the world a greater place. So guess what? We firmly consider that concepts that make the world a greater place need to be shared.
And now, it’s time to share the love. And by love, we imply know-how. So whereas Haven Applied sciences is wholly owned by MassMutual, the corporate will function independently, providing its resolution to different companies within the life, annuities and incapacity industries. So sooner or later, you would possibly purchase, say, a incapacity insurance coverage coverage from Firm X. However underneath the hood, it may very well be powered by Haven Applied sciences. Certainly, a latest instance is HealthBridge, a free on-line life insurance coverage coverage supplied by MassMutual to frontline healthcare staff and volunteers within the wake of the COVID pandemic, that was constructed and launched in a mere three weeks leveraging the Haven Applied sciences resolution.
Why Haven Applied sciences?
Nice query. And as we frequently do after we’re requested an awesome query, we discovered another person who is aware of the reply and requested them. On this case, that’s Yaron Ben-Zvi, CEO of Haven Applied sciences. Right here’s what he mentioned:
“The life, annuities and incapacity industries have gone so long as they’ll counting on legacy know-how, whether or not that’s outdated homegrown platforms or a patchwork of vendor options. It’s time they cease operating on fumes and begin remodeling to ship a seamless digital expertise, reform advanced advisor pushed companies, and launch new merchandise with pace. We’re desirous to accomplice and construct hand-crafted relationships with essentially the most forward-thinking carriers with the intention to do exactly that.”
That each one sounds good. However don’t take his phrase for it. Right here’s Gareth Ross, Head of Enterprise Know-how and Expertise at MassMutual:
“Over the previous few years, and because of utilizing the Haven Applied sciences platform to energy our digital providing, we’ve seen an improved buyer expertise, quicker time-to-issue of insurance policies and an elevated ease of doing enterprise for advisors. That’s translated into substantial price financial savings throughout new enterprise actions in addition to legacy blocks of enterprise we’ve migrated over. Due to this, we’re rapidly shifting to consolidate 100% of our new and legacy life enterprise onto a single platform, one thing we might have thought not possible only a few years in the past. This may assist us keep forward of the know-how transformation occurring within the business.”
We’ll add one other factor, for those who’ll forgive the immodesty. We all know Haven Life is superior. However our biggest asset is our folks. We’re artistic, caring and sort — and we direct our creativity, care and kindness towards partnering with carriers to make monetary safety and safety out there to as many individuals as attainable. Essentially, Haven Applied sciences is a method to do this, which is why we’ll be stressing high quality over amount as we construct partnerships going ahead.
One other method to put it’s that, sure, Haven Applied sciences makes use of a business-to-business mannequin. However we like to consider it as a people-to-people firm.
What does it imply for Haven Life?
Haven Life stays Haven Life. It can stay a direct-to-consumer insurance coverage company, with insurance policies underwritten and issued by MassMutual and its varied subsidiaries — identical because it ever was. So don’t fear about us.
However we’ve got a sense what you’re actually asking is…
What does Haven Applied sciences imply for you?
For those who’re a possible provider or shopper, fairly a bit, for all the causes outlined above. Our staff is revolutionary, artistic, understanding and caring. Count on the identical TLC from Haven Applied sciences. (And who is aware of, perhaps there’ll be a cookbook down the road.)
For those who’re a Haven Life buyer, extra excellent news: Nothing will change. For those who’re in some way not a buyer — and hey, we may also help you with that — all it means is there’s an opportunity that, sooner or later, your life or incapacity insurance coverage coverage could also be powered by Haven Applied sciences, no matter the place you buy it.
And that’s excellent news. As any buyer can inform you, online-first life insurance coverage is the longer term (or perhaps simply the current). You may get a quote on-line, rapidly and simply. You may apply in minutes. You may get permitted rapidly, generally even instantly, generally with out even taking a medical examination (simply be sincere in your software, since issuing the coverage or paying its advantages is predicated in your reply to the well being questions in it) — one thing your mother and father or grandparents might by no means have imagined. After which, in fact, upon getting the coverage, getting assist from Haven Life’s buyer success staff is just an e-mail (or chat) away, and many shoppers may even be eligible for straightforward, digital-first choices from companions by way of Haven Life Plus, a rider to the Haven Time period coverage that provides a collection of bonus choices like a no-cost health app subscription and no-cost on-line will providers.
All the benefit and pace that made Haven Life what it’s will now be out there farther and wider, as extra insurers accomplice with Haven Applied sciences to energy their companies. And once more, on the finish of the day, that’s what we’ve all the time been about: Making life much less arduous.
About Louis Wilson
Louis Wilson is a contract author whose work has appeared in a wide selection of publications, each on-line and in print. He usually writes about journey, sports activities, in style tradition, males’s style and grooming, and extra. He lives in Austin, Texas, the place he has developed an unbridled ardour for breakfast tacos, along with his spouse and two youngsters.
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