NEW YORK, April 12, 2019 /PRNewswire/ -- In Haven Life Insurance Agency's (Haven Life) nearly four years in existence it has been called a lot of things. "Quick and easy." "A caring team of people." "A pioneer in its home market." Today, the team can add "industry leader in Data, Analytics and AI" to the list.
Haven Life, along with its parent company Massachusetts Mutual Life Insurance Company (MassMutual), is thrilled to announce that it has been recognized by Celent as a Model Insurer award winner for Data, Analytics and AI.
Celent, a global financial services research and advisory firm, recognizes insurance carriers as "model insurers" for their outstanding technology initiatives. In order to win, the work must demonstrate clear business benefits and technology or implementation excellence. In this case, Celent's recognition extends beyond the insurer MassMutual, which issues the Haven Term policy, to include Haven Life, an innovative online life insurance agency.
According to Nicolas Michellod, Senior Analyst at Celent: "The Model Insurer Awards recognize how the industry is using technology to change the face of insurance. Haven Life and MassMutual should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall."
Specifically, Haven Life and MassMutual are recognized for their collective industry-leading work in accelerated underwriting. InstantTerm is an algorithmic underwriting process that can provide immediate coverage for qualified term life insurance applicants up to age 59 who apply for a face amount up to $1 million.
This sophisticated technology, combining data science and automated decision logic, analyzes health information from the application along with multiple external data sources to make a decision in a median time of 40 seconds. No medical exam is needed for these applicants, which dramatically improves the customer experience for purchasing medically underwritten term life insurance. [Of course, policy issuance and payment of the death benefit depends on the truthfulness of answers in the application.]
"We spent a lot of time in developing the right technologies and customer engagement experiences that will not only completely change the industry but also, more importantly, the relationship we have with customers," said Yaron Ben-Zvi, CEO of Haven Life. "We're honored to be recognized by Celent for the industry-leading work."
To experience life insurance that's actually simple, visit havenlife.com.
ABOUT HAVEN LIFE
Haven Life Insurance Agency, LLC is a life insurance startup, backed and wholly owned by MassMutual, that offers a simple online experience for buying high-quality and affordable coverage. Driven by a mission to make life less hard, we're committed to changing life insurance so that it's less time-consuming and far more rewarding.
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.
SOURCE Haven Life