Introducing Haven Technologies | Haven Life

At Haven Life, our tenet is to make life much less laborious. On the whole, we’re speaking about insurance coverage once we say this, both time period life or incapacity, and we imply we’re making life much less laborious for you, the shopper of at this time — or tomorrow.

However as of now, we’re additionally making life much less laborious 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 obtainable to carriers, who can then leverage new enterprise, in-force administration and product growth options as their very own.

We all know: That each one rolls off the tongue, doesn’t it? And it in all probability requires no additional clarification, as you’re undoubtedly up to the mark 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 massive one.

What’s Haven Applied sciences?

Think about Haven Life is a superb automotive — straightforward driving, good trying, tricked out with the newest and best in security options and high-end audio. (You realize, the essential 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 Service X) — that’s form 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 could possibly get a quote, apply for a coverage, get accepted on your coverage, after which handle that coverage, virtually completely on-line. For an business as previous as life insurance coverage — many massive American insurers are not less than a century previous, and the thought 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 imagine that concepts that make the world a greater place should be shared.

And now, it’s time to share the love. And by love, we imply expertise. 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 could possibly be powered by Haven Applied sciences. Certainly, a latest instance is HealthBridge, a free on-line life insurance coverage coverage provided 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 regularly do once we’re requested an excellent 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 stated:

“The life, annuities and incapacity industries have gone so long as they will counting on legacy expertise, whether or not that’s outdated homegrown platforms or a patchwork of vendor options. It’s time they cease operating on fumes and begin reworking to ship a seamless digital expertise, reform advanced advisor pushed companies, and launch new merchandise with velocity. We’re desperate to accomplice and construct hand-crafted relationships with essentially the most forward-thinking carriers with the intention to just do that.”

That each one sounds good. However don’t take his phrase for it. Right here’s Gareth Ross, Head of Enterprise Expertise and Expertise at MassMutual:

“Over the previous few years, and on account 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 unattainable just some years in the past. This may assist us keep forward of the expertise transformation taking place within the business.”

We’ll add one other factor, when you’ll forgive the immodesty. We all know Haven Life is superior. However our best asset is our folks. We’re inventive, caring and type — and we direct our creativity, care and kindness towards partnering with carriers to make monetary safety and safety obtainable to as many individuals as potential. Basically, Haven Applied sciences is a approach to do this, which is why we’ll be stressing high quality over amount as we construct partnerships going ahead.

One other technique 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 — similar because it ever was. So don’t fear about us.

However we’ve a sense what you’re actually asking is…

What does Haven Applied sciences imply for you?

In the event you’re a possible service or consumer, fairly a bit, for the entire causes outlined above. Our group is progressive, inventive, understanding and caring. Anticipate the identical TLC from Haven Applied sciences. (And who is aware of, possibly there’ll be a cookbook down the road.)

In the event you’re a Haven Life buyer, extra excellent news: Nothing will change. In the event you’re someway not a buyer — and hey, we might 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 let you know, online-first life insurance coverage is the long run (or possibly simply the current). You will get a quote on-line, rapidly and simply. You’ll be able to apply in minutes. You will get accepted rapidly, generally even instantly, generally with out even taking a medical examination (simply be trustworthy 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 dad and mom or grandparents may by no means have imagined. After which, after all, upon getting the coverage, getting assist from Haven Life’s buyer success group is simply an e-mail (or chat) away, and many purchasers may also be eligible for simple, digital-first choices from companions through Haven Life Plus, a rider to the Haven Time period coverage that provides a set of bonus choices like a no-cost health app subscription and no-cost on-line will providers.

All the benefit and velocity that made Haven Life what it’s will now be obtainable 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 laborious.