Haven Life, the digital life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is today launching new initiatives that help more life insurance applicants obtain the coverage they need.
By working with MassMutual to introduce new medical data sets to underwriting algorithms and expanding data-powered human review, more Haven Life customers will be able to get coverage without a medical exam.
"In these uncertain times, we're seeing a surge of individuals seeking financial protection for their families," said Yaron Ben-Zvi, Haven Life's CEO. "Due to limitations in medical exam availability and a desire to protect the health of customers and medical examiners, it quickly became apparent that we needed to fast-track new initiatives to offer instant coverage. These new data sets will help us provide more customers with peace of mind, instantly."
The aim has always been to provide Haven Term applicants with instant coverage whenever possible. However, there are cases where AI-powered underwriting algorithms need more data, like a medical exam, to make a decision. Due to the COVID-19 pandemic, there could be medical exam delays, which led Haven Life and MassMutual to roll out the following initiatives to help expand the number of individuals who qualify for instant coverage:
- Expanding LiteTouch underwriting: A hybrid AI and human-powered process where algorithms identify ambiguous data points in an application that need expert judgment. Rather than triggering a medical exam requirement, that specific point in the application is routed for review by a MassMutual underwriter to determine if an instant offer can be provided.
- Utilizing past applicant lab results: Instead of requesting a new exam, this data set will enable the use of recent applicant medical tests for preventative care, disease monitoring and diagnostic purposes.
- Utilizing medical claims data: Validates medical conditions and treatments faster than ordering an Attending Physician Statement (APS). Needing an APS historically extends the time to decision considerably.
The above data is accessed with an applicant's consent and will be used to help further streamline the purchasing experience.
Haven Life provides a simple, online experience for buying term life insurance issued by MassMutual. Applicants can apply online from any device and, if approved, start coverage immediately. In some cases, qualified applicants applying for up to $1 million in coverage won't need to take a medical exam. It's important to note that issuing the policy or payment of benefits is based on the truthfulness of answers in the application.
For more information about Haven Life or to submit an online application, visit havenlife.com. The life insurance agency has also provided this Q&A for common questions about COVID-19 and the life insurance application process.
About Haven Life
Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones we love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern customer.
Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY 1017. Our agency license number in California is OK71922 and in Arkansas, 100139527. Most applicants will need a medical exam, which they schedule at their convenience, to finalize coverage.