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Haven Life – Online Life Insurance Innovation

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Haven Life aims to address the shifting insurance needs of the millennial world by keeping the life insurance buying experience simple, immediate, and engaging.

Haven Life aims to address the shifting insurance needs of the millennial world by keeping the life insurance buying experience simple, immediate, and engaging

Haven Life is a rare example of entrepreneurship within the life insurance industry. Wholly owned by US based MassMutual, Haven Life enables customers to apply for and receive term life insurance entirely online. Launched in 2015, it aims to address the shifting insurance needs of the millennial world by keeping the life insurance buying experience simple, immediate, and engaging.

Typically, it takes weeks to apply for life insurance and complete a medical exam before you’ll find out if you are covered or not. Haven Life has changed this process and is focusing first on term life insurance. When you apply online for Haven Term, you’ll get an immediate decision and your coverage can begin right away as Haven Term is designed to be applied for and approved in real-time.

Haven Life considers customers’ medical and financial data, gathers external credit information from public databases, and uses proprietary algorithms to reach an underwriting decision completely online without the need of any physical meeting or medical examination. During the buying process, Haven Life offers customers differently priced options and compares its quote to that of other life insurance carriers. Although cover starts without medical examination, Haven Life doesn’t eliminate the need for medical examination altogether as the company requires buyers to complete a medical exam within 90 days, and those results could lead to an increase, or decrease, in price.

We have changed the life insurance experience and customer experience to try to help close some of the gap and really make sure that people are getting it at the point they actually need it,

Haven Life CEO Yaron Ben-Zvi.

Reported Benefits

Benefit to Customers



Benefit to the Insurer

  • Rapid growth in tech savvy millennial market segment
  • Reduced underwriting cost and complexity
  • Accelerated innovation with respect to usage of unstructured data
  • Increased trust and transparency in customer interactions
  • No geographic limitation for distribution
  • Easy and quick to scale up nationally

The Digital Insurer's View

Buyers of life insurance policies have traditionally had to wait weeks whilst insurance companies analyse the medical reports and make internal assessments. This new initiative from Haven Life is a key step towards reducing the application time in the life insurance industry to better serve a younger group of customers amid declining sales. By focusing on real time underwriting using publicly available data, Haven Life is pioneering a new trend whereby insurers can harness non traditional data sources to generate actionable insights from digital technology and analytics. This analytics driven and direct model cuts out the complexity and aligns with today’s consumer on-demand lifestyle. Specifically, this allows consumers to examine how much coverage they need based on their lifestyle and what it will cost them. Though Haven Life is currently leading the online life insurance transition in the U.S, it remains to be seen whether Haven Life can expand to whole life and endowment policies whilst maintaining their focus on speed and automation.



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