Haven Life Adapts to Help More Applicants Get Life Insurance During COVID-19

New access to medical data paired with AI will help further streamline the application process and provide more instant coverage offers to qualified individuals.

(Image source: Haven Life web page.)

Haven Life, the New York-based digital life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (Springfield, Mass.), has launched new initiatives designed to help more life insurance applicants obtain appropriate coverage. The distributor reports that it worked with MassMutual to introduce new medical data sets to underwriting algorithms and expanding data-powered human review to be able to offer coverage to more customers without a medical exam.

Yaron Ben-Zvi, co-founder and CEO, Haven Life.

“In these uncertain times, we’re seeing a surge of individuals seeking financial protection for their families,” comments Yaron Ben-Zvi, CEO, Haven Life. “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 company says its 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, such as 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, as described by the companies, 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, according to Haven Life.

Haven Life at Four: Innovative End-to-End Customer Experience

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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