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October 6, 2017updated 09 Oct 2017 3:11am

Haven Life taps artificial intelligence to power underwriting platform

Haven Life, a life insurance startup backed and wholly-owned by MassMutual, has launched its improved underwriting platform that enhances insurance buying experience by offering real rates over quotes.

The new solution, which features a friendlier application process with half the questions, enables prospective customers to buy term life insurance policy without a fuss.

Once applied for the policy online, the customers will receive an immediate decision and coverage can begin right away.

Equipped with artificial intelligence (AI), Haven Life’s underwriting platform analyses applicant information and compare it with historical outcomes.

The new platform, which has been optimised for all devices, enable the insurer to provide real policy rates quickly, an immediate decision on eligibility, and, in some cases, coverage without a medical exam.

Haven Life CEO and co-founder Yaron Ben-Zvi said: “We’ve always had bigger ambitions for Haven Life.  When we first launched, we were mostly focused on showing that technology could be used to make buying life insurance simpler and more approachable.

“We did that. Now, we’re turning our attention to delivering the best possible end-to-end experience and developing a new kind of life insurance brand.”

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