In today’s digital world, it’s easy to find sites that offer online quotes and the ability to connect with life insurers’ call centers and agents. What’s been lacking are turnkey solutions that let consumers do everything they need — from securing price comparisons to transacting a policy purchase — with the click of a mouse.
Enter Haven Life. A wholly owned subsidiary of MassMutual, the one-year-old company aims to transform the buying process for consumers, especially young millennials who have little patience for the industry’s traditional methods. To learn more about the company’s innovative digital rollout, LifeHealthPro Senior Editor Warren S. Hersch spoke with Haven Life Co-founder and CEO Yaron Ben-Zvi. The following are excerpts.
Hersch: Tell me about Haven Life. How did the company get started?
Ben-Zvi: I joined MassMutual about a year ago to help lead Haven Life as an in-house start-up. Since then, we’ve built a website where people buy quality term insurance — Haven Term — entirely online.
The platform is an end-to-solution: Prospects can calculate the coverage requirements, determine their eligibility and purchase a fully underwritten, top-rated term policy through our web platform. Once coverage begins, the policyholder needs to complete a medical exam within 90 days.
We’ve made the process simple and transparent for the next generation of life insurance customers: millennials. This focus also extends to the product — we believe you shouldn’t need a dictionary to read your life insurance policy. So Haven Term provides a plain language policy that makes it much easier to read and understand your coverage.
Hersch: Can prospects visiting HavenLife.com buy policies issued by insurers other than MassMutual?
Ben-Zvi: Haven Term is the only policy you can apply for, receive an immediate decision on, and purchase entirely online through our site. We also provide an easy comparison to the quotes and policies from multiple other top-rated insurance providers. Should you choose to go with one of the other providers, you will be directed to their site to begin the application process.
Hersch: What’s the timeline for the rollout of this initiative?
Ben-Zvi: We launched the site on March 18. Term insurance will first be available for purchase in Massachusetts. There will be a rollout to additional states in the year following the launch.
Hersch: Describe the website’s needs analysis calculator. What distinguishes it from other online calculators?
Ben-Zvi (pictured at right): Other life insurance coverage calculators usually recommend a specific face amount of coverage. We’ve taken a different approach: We provide a range of recommended coverages in three buckets: low, medium and high.
There’s not one right answer. Depending on your financial needs and what you can afford, the appropriate coverage level will vary. We want the coverage calculator to reflect our approach: to create a transparent experience and authentic tone that puts the customer in control.
Hersch: Why are you only focused on term insurance? Does the calculator not lend itself to permanent life insurance policy recommendations?
Ben-Zvi: Again, we’re targeting younger, more technology-savvy customers — individuals for whom we think term insurance is the right solution. Because they’re younger, they’re more likely to be cash-strapped. They’re also more inclined to self-service solutions. So we think term lends itself well to a self-directed online process.