At Haven Life, our guiding principle is to make life less difficult. In general, we talk about insurance when we say this, either term life or disability, and we mean that we make life less difficult for you, today's customer – or tomorrow.
But from now on, we & # 39; also makes life less difficult for the insurance industry as a whole. This is because we are launching Haven Technologies, a new advanced insurtech platform for life, fixed annuities and disability industries. As a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), Haven Technologies will utilize a SaaS (Software-as-a-Service) model to make its solutions available to carriers, who can then leverage new business, in-force. management and product development solutions as their own.
We know: That everything rolls off the tongue, right? And it probably requires no further explanation, because you are undoubtedly fast on SaaS solutions and what not. But if you are not ̵
What is Haven Technologies?
Imagine Haven Life is a good car – easy to drive, stylish, cheated with the latest and greatest in safety features and advanced sound. (You know, the important stuff.) So Haven Technologies is like the engine inside the car – the one that keeps it running smoothly and efficiently. Now imagine taking the engine (Haven Technologies) out of the car (Haven Life) and putting it in another car (Insurance Carrier X) – that's about what we do here.
When Haven Life was launched in 2015, it revolutionized the life insurance industry (if we say so ourselves) by adopting a digital-first model. This meant that you could get a quote, apply for a policy, be approved for your policy and then manage that policy, almost entirely online. For an industry as old as life insurance – many large American insurance companies are at least a century old, and the idea of life insurance dates back a couple of millennia – this was quite a breakthrough.
And more importantly, it meant more people had better access to life insurance – and reliable financial protection makes the world a better place. So guess what? We are convinced that ideas that make the world a better place deserve to be shared.
And now it's time to share love. And by love we mean technology. So while Haven Technologies is 100% owned by MassMutual, the company will work independently and offer its solution to other companies in the life, annuity and disability industries. So in the future, you may be able to buy a disability insurance from company X. But under the hood, it can be run by Haven Technologies. A new example is actually HealthBridge, a free online life insurance policy offered by MassMutual to frontline healthcare professionals and volunteers after the COVID pandemic, which was built and launched in just three weeks using Haven Technology Solution.
Why Haven Technologies?
Big question. And as we often do when we get a good question, we found someone else who knows the answer and asked them. In this case, it's Yaron Ben-Zvi, CEO of Haven Technologies. Here is what he said:
“The life, annuity and disability industries have gone as long as they can rely on older technology, whether it is obsolete home-grown platforms or a patchwork of supplier solutions. It's time for them to stop smoking and start transforming to deliver a seamless digital experience, reform complex advisor-driven companies and launch new products quickly. We are eager to collaborate and build handmade relationships with the most forward-looking bearers to do just that. "
That sounds good. But do not take his word for it. Here's Gareth Ross, Head of Corporate Technology and Experience at MassMutual:
“In recent years, and as a result of using the Haven Technologies platform to drive our digital offering, we've seen an improved customer experience, faster time – to issue policies and an increased simplicity of doing business for advisers. This translates into significant cost savings in new business operations as well as older business blocks that we have moved over. Because of this, we can quickly consolidate 100% of our new and older life business into a single platform, something we had thought impossible just a few years ago. This will help us stay ahead of the technological transformation that is taking place in the industry.
We add another thing if you forgive the rudeness. We know that Haven Life is amazing. But our greatest asset is our people. We are creative, caring and kind – and we focus our creativity, care and kindness on partnerships with carriers to make financial protection and safety available to as many people as possible. Basically, Haven Technologies is a way to do that, which is why we will emphasize quality over quantity when we build partnerships in the future.
Another way of expressing it is that, yes, Haven Technologies uses a business-to-business model. But we like to see it as a people-to-people company.
What does this mean for Haven Life?
Haven Life remains Haven Life. It will remain a direct-to-consumer insurance agency, with insurance policies taken out and issued by MassMutual and its various subsidiaries – the same as it has ever been. So do not worry about us.
But we have a feeling what you're really asking is …
What does Haven Technologies mean to you?
If you are a potential operator or client, quite a bit, for all the reasons described above. Our team is innovative, creative, understanding and caring. Expect the same TLC from Haven Technologies. (And who knows, maybe there's a cookbook along the line.)
If you're a Haven Life customer, more good news: Nothing will change. If you are not a customer in any way – and hey, we can help you with that – it just means that there is a chance that your life or disability insurance in the future can be run by Haven Technologies, no matter where you buy
And that is good news. As a customer can tell you, online life insurance is the future (or maybe just the present). You can get a quote online, quickly and easily. You can apply in minutes. You can be approved quickly, sometimes even immediately, sometimes without even taking a medical examination (just be honest in your application, as the issuance of the policy or the payment of its benefits is based on your answer to the health questions in it) – something your parents or grandparents had never been able to imagine. And then, of course, once you have the policy, it's just an email (or chat) away to get help from Haven Life's customer team for success, and many customers will also be eligible for simple, digital-first offers from partners via Haven Life Plus , a rider to the Haven Term policy that offers a range of bonus offers such as a free fitness app subscription and free online testing services.
All the ease and speed that made Haven Life what it is will now be available longer and wider, as more insurance companies partner with Haven Technologies to run their businesses. And again, these would mean that you have to spend for these processes.
About Louis Wilson
Louis Wilson is a freelance writer whose work has appeared in a wide range of publications, both online and in print. He often writes about travel, sports, popular culture, men's fashion and grooming and more. He lives in Austin, Texas, where he has developed an unbridled passion for breakfast tacos, with his wife and two children.
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