Haven Life brings in new streamlined application system

Haven Life, a life insurance startup owned by MassMutual, has announced that it has streamlined its operations to make buying easier via a string of new features.

The company said that its underwriting platform, which uses AI to analyse applicant information and compare it with historical outcomes, is at the core of the streamlined buying experience, providing real policy rates quickly, an immediate decision on eligibility and, in some cases, coverage without a medical exam.

“We’ve always had bigger ambitions for Haven Life,” said Yaron Ben-Zvi, CEO and co-founder. “When we first launched, we were mostly focused on showing that technology could be used to make buying life insurance simpler and more approachable. We did that. Now, we’re turning our attention to delivering the best possible end-to-end experience and developing a new kind of life insurance brand.”

According to Haven Life, new features on the product include the ability to buy term life insurance online - often in a single sitting, with more transparency, accuracy and personalisation around pricing than before.

The application process has also been made shorter, so that many Haven Term applicants will only answer around 30 clear, conversational questions instead of 60 to 100 to apply for the same medically underwritten policy.

Haven Life has also optimised the application for all devices, saying that in the past two years, the company has seen a dramatic increase in the number of customers who purchase life insurance from their smartphones.