Haven Technologies, a new software-as-a-service insurtech offering the platform behind MassMutal’s
The company has plans to help other carriers transform and digitize their businesses. Haven Technologies, wholly owned and backed by MassMutual, will leverage the SaaS model to make the platform available to other carriers.
Gareth Ross, head of enterprise technology and experience at MassMutual, said Haven Technologies is being opened to help accelerate digital customer acquisition across life insurance.
“Over time, we recognized an opportunity to use the technology platform that currently powers Haven Life’s direct-to-consumer experience and MassMutual’s core life insurance business end-to-end digital offering for the benefit of audiences beyond consumers, like financial professionals and underwriters,” Ross said.
The platform is built around four components including new business, underwriting, policy administration and actuarial—altogether it creates faster set-ups, easier integration, enhanced visibility and customizations.
“We know other providers are also seeking these benefits, including a better digital experience for customers and financial professionals, as well as operational efficiencies, and Haven Technologies can provide those capabilities,” Ross added.
Haven Technologies will operate independently and have its own board of directors, business goals and objectives.
Yaron Ben-Zvi, CEO of Haven Technologies, told Digital Insurance that Haven Technologies is looking for carriers to support.
Specifically, early on partners could include mid-sized life insurance carriers looking to transform their businesses and have a technological edge, property and casualty insurers that have life businesses or want to get into life and private equity players that have bought life businesses, particularly annuities, Ben-Zvi said.
“We are looking at finding a couple of carriers that share this vision around transformation and reaching new customers,” he said. “We want to help power that.”
Have Life, which was founded in 2015, will continue to operate as a direct-to-consumer life insurance agency. Current policyholders and partners will experience no change and policies will continue to be underwritten and issued by MassMutual and other subsidiaries.
