Haven Life debuts AI-powered features to streamline life insurance purchases

Dive Brief:

  • Life insurance startup Haven Life, which is owned by MassMutual, has relaunched its digital experience to include AI-based services for streamlining the process of buying life insurance, according to a press release provided to Marketing Dive. 
  • AI technology analyzes applicant information supplied via a short form and compares it with historical outcomes to provide real policy rates — not just quotes — immediate eligibility determinations and the possibility of coverage without a medical exam.  
  • The redesigned Haven Life platform is optimized for multiple devices, enables customers to provide feedback and boasts a new design intended to look fresh, modern and trustworthy. 

Dive Insight:

Haven Life Insurance Agency is leveraging digital technology to try to disrupt the life insurance industry much the same way other industries like taxicabs and short-term rentals have been disrupted by Uber and Airbnb, respectively. The company originally launched to show technology could be used to simplify buying life insurance and is now betting AI technology, which has a growing role in marketing around quickly processing large amounts of data at a deep level, can up its game.

By attempting to make the process of buying life insurance more user-friendly and transparent, Haven Life hopes to stand apart from the competition by addressing some of the traditional pain points in the process. Shopping for life insurance can be uncomfortable: no one wants to think about their own mortality. The insurance is often purchased out of necessity, and customers expect a lengthy, complex process from completing the application to purchasing coverage.

The Haven Life platform leverages AI technology to analyze applications and make historical comparisons to provide actual insurance rates. The 30-question application features conversational questions, more closely resembling an online quiz than a confusing insurance form that typically have about 100 complex questions. And, the two-year-old brand promises the possibility of coverage without a medical exam, in most cases. 

Haven Life is the latest startup in the insurance space to power its systems with AI, which has already been a disruptor in the auto insurance industry. With its new approach, Haven Life has found a way to potentially mobilize the highly coveted milliennial demographic, which it counts as a growing customer base, to get life insurance. 

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