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Haven Life (New York), a digital direct-to-consumer life insurance agency backed and wholly owned by MassMutual (Springfield, Mass.), has announced a strategic partnership with Blend (San Francisco), a provider of cloud banking services. This collaboration will make applying for life insurance a frictionless experience for the millions of Americans who are purchasing a home and seek to protect their investment and their loved ones’ financial security, according to a Haven Life statement.
“Buying a home is one of the most significant milestones and biggest investments in a person’s life,” says Wade Seward, Head of Partnership Distribution at Haven Life. “Partnering with Blend gives us the ability to enable new homeowners to seamlessly secure financial protection for their loved ones as part of a streamlined and efficient purchasing process.”
Haven Life says the partnership will serve its mission of making life insurance more accessible and affordable for all U.S. households. “Today’s digital tools enable consumers to conduct research quickly and easily with streamlined processes allowing consumers to complete online applications when and where it is most convenient,” the Haven Life statement says.
Approximately 66 percent of Americans owned their homes in 2022 with first-time buyers accounting for 26 percent of this group. Most home buyers take out a mortgage, with only 23 percent of all U.S. homeowners owning their homes free and clear, the third lowest percentage in a study of 28 countries.
Reducing Processing Time
Blend’s end-to-end digital mortgage software is integrated with major nationwide lenders to reduce processing time and increase efficiency in the lending process. The partnership enables Haven Life to offer life insurance coverage through Blend Insurance Agency to homeowners at the expedient time of home purchase.
“We are thrilled to partner with Haven Life to bring life insurance options to homeowners across the nation,” comments Joe Perry, Group Manager, Blend Insurance Agency. “Haven Life’s commitment to innovation and customer-centric solutions aligns with our mission to simplify and improve the homeownership journey from application to close. Together, we can give homeowners peace of mind, knowing their investment is safeguarded.”