(Alligator in Florida, one of Haven Life’s new states. Photo credit: Marc Averette.)
The new insurance distributors are expanding: in December startup carrier Lemonade (New York) announced its filings for all but three states, and today online-only agency Haven Life (New York) announced that it had added five states and the District of Columbia to its coverage roster. Haven Life opened for business in Massachusetts in May 2015 in New York in Sept. 2016.
Haven Life, which is wholly owned by MassMutual, takes an online-only approach to selling term life insurance. The agency boasts that it gives the opportunity for consumers to get an instant decision through its online application process. After the user submits an online application, an algorithm determines eligibility for coverage. Once approved, coverage can begin immediately—though users will then need to complete a medical exam within 90 days.
The company describes its expansion into the new states saying that it has extended its “ridiculously easy process for buying life insurance” to residents of Connecticut, Delaware, North Dakota, South Dakota, Florida and Washington, D.C..
Better Life Insurance CX
“With more innovation being seen in the life insurance industry, we’re focused on expanding access to our Haven Term policy and making the life insurance customer experience better than ever before,” comments Yaron Ben-Zvi, Co-Founder and CEO, Haven Life. “We’re just getting started.”