Haven Technologies Launches Advanced Cloud-Native Insurtech Platform for Life, Fixed Annuities and Disability Industries
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Haven Technologies' Software-as-a-Service (SaaS) model will enable carriers to leverage new business, in-force management and product development solutions as their own.
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NEW YORK, Oct. 4, 2021 /PRNewswire/ -- Announced today at Insuretech Connect, Haven Technologies is an advanced insurtech platform for the life, fixed annuities and disability industries. Backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), the newly launched Haven Technologies will leverage a SaaS model to make its solutions available to carriers.
The modern, cloud-native platform is built around four main parts: new business, underwriting, policy administration and actuarial. Taken together, the platform offers an advanced solution and enables faster set-ups, easier integrations, enhanced visibility and customization for insurance carriers. While Haven Technologies has the ability to support the life, fixed annuities and disability industries, potential early client partners include property and casualty insurers with life books, mid-size life carriers, and private equity and others who have acquired large blocks of closed business.
While now available to other carriers for the first time, the software that Haven Technologies offers has been the platform behind Haven Life's direct-to-consumer term life, disability and annuities insurance products for the past six years. Haven Technologies also now helps to power MassMutual's core advisor-driven life insurance business, where it offers an end-to-end digital solution to create a better digital experience for its advisors and customers across distribution channels and products. In 2020, Haven Technologies also helped MassMutual condense its new product development timeline to just three weeks in order to launch HealthBridge, its online free term life insurance offering for COVID-19 frontline healthcare workers and volunteers.
"The life, annuities and disability industries have gone as long as they can relying on legacy technology, whether that's outdated homegrown platforms or a patchwork of vendor solutions. It's time they stop running on fumes and start transforming to deliver a seamless digital experience, reform complex advisor-driven businesses and launch new products with speed," said Yaron Ben-Zvi, CEO of Haven Technologies. "We are eager to partner and build hand-crafted relationships with the most forward-thinking carriers in order to do just that."
While Haven Technologies is wholly owned by MassMutual, the company will operate independently, including having its own Board of Directors, business goals and objectives, corporate functions, and an independent technology footprint.
"Over the past few years, and as a result of using the Haven Technologies platform to power our digital offering, we've seen an improved customer experience, faster time-to-issue of policies and an increased ease of doing business for advisors. That's translated into substantial cost savings across new business activities as well as legacy blocks of business we've migrated over," said Gareth Ross, Head of Enterprise Technology and Experience at MassMutual. "Because of this, we are quickly moving to consolidate 100% of our new and legacy life business onto a single platform, something we would have thought impossible just a few years ago. This will help us stay ahead of the technology transformation happening in the industry."
Haven Life, the digital life insurance agency founded in 2015 and wholly owned by MassMutual, will continue to be a direct-to-consumer life insurance agency. Current policyholders, applicants and partners will experience no changes, and policies will continue to be underwritten and issued by MassMutual and its various subsidiaries.
For more information about Haven Technologies, visit haventech.us.
About Haven Technologies Haven Technologies has built deep capabilities in the life, annuity and disability insurance spaces. And now, our tech is your tech. The same purpose-built platform and expertise that have helped us delight customers, transform complex advisor-driven businesses and launch groundbreaking products with speed are available to everyone as a SaaS offering. Use our advanced solutions for new business, in-force management and product development. Let's change the future of life insurance. Together.
About Haven Life 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.
About MassMutual MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.
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SOURCE Haven Technologies
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