NEW YORK, May 19, 2020 /PRNewswire/ -- Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is rolling out a new 100% no medical exam product that can be sold directly through partners. Banks, advisors, insurance brokers and more can now offer Haven Term Simplified to clients who prefer a no exam term life insurance buying experience. This simplified issue term product, issued by MassMutual subsidiary C.M. Life, is designed with an array of partner needs in mind — notably featuring easy plug-and-play API capabilities, an advisor portal for tracking application (or applicant) status and commissions, and Haven Life's seamless digital buying experience. [Note: payment of a life insurance policy is based on the truthfulness of information provided in the application.]
"Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Jason Krasula, head of distribution and strategy at Haven Life. "Fintech partners, financial service firms and insurance brokers are looking to offer products that meet their client's unique needs and purchasing preferences. With Haven Term Simplified, firms can now offer an important financial product directly to their customers in the most convenient way possible."
Haven Term Simplified was thoughtfully designed to be compatible with a variety of infrastructure needs and partner payment structures. The application for the no medical exam, term life insurance product can be completed in a matter of minutes by using the following capabilities:
Co-branded landing page: Ideal for partners who want an effortless start to working together, the Haven Life team offers a co-branded landing page experience that can be shared directly with clients who need term life insurance.
Quote widget: A simple solution for partners who want to get Haven Term Simplified up and running on their site in minutes, the quote widget only requires one line of embeddable code. Once implemented, clients can easily get a quote for Haven Term Simplified and then will be directed to apply online through Haven Life's website.
Quote API: The Quote API enables partners to feature quotes from Haven Life — through the widget or integrated into a partner's quote functionality — and seamlessly pass data to the application. Customer demographic information and coverage selections will be pre-filled in the application to encourage completion.
Partner-hosted Application API (coming soon): Partners who want a self-hosted, fully integrated experience can use this API to offer Haven Term Simplified directly through their website portal or mobile app. With the Application API, customers apply for the product online without ever leaving the partner's website. Once the application is submitted, the customer will receive an instant decision on coverage.
Telesales: Built for partners who prefer to guide their clients through the life insurance purchasing experience, Haven Life's partnership portal allows an advisor to capture an applicant's answers over the phone. The portal includes conversational prompts, e-signatures and consents via text to streamline the process for both the partner and the client. Once an application is submitted, the policy is underwritten in real-time to provide an instant decision on coverage eligibility. If approved, the customer can login to their account and start coverage immediately. The applicant status and associated commission are both easily tracked through the portal.
Haven Life's rapidly growing partnership roster includes companies like Covr Financial Technologies, Stride Health and EZ Assurance. Haven Life prides itself on providing best-in-class customer service to both customers and partners. For each of the above solutions and across product offerings, the Haven Life team will work directly with partners for onboarding and training and to understand each businesses' unique technology and reporting needs.
"Covr is so pleased to be working with Haven Life. The team's rapid response to our changing environment has been a stand out among others in the insurance industry," said Mike Kalen, CEO of Covr Financial Technologies. "Haven Life's digital platform for term life insurance is a great fit with our growing customer base."
Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer.
Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.