Modern Marketing

How MassMutual’s in-house startup Haven Life targets millennials

  • MassMutual's in-house startup Haven Life is marketing to millennials by associating insurance with customers' positive life milestones
  • Haven Life's autonomy let it stay focused on its target demographic and adapt quickly
close

Email a Friend

How MassMutual’s in-house startup Haven Life targets millennials

For 167-year-old MassMutual, millennials demanded a new approach to life insurance than selling insurance through agents.

“We’re aiming at the next generation of insurance buyers — millennial parents in their mid-30s who are married, have children, are digitally savvy, and are looking for self-directed ways to buy term life insurance,” said Brittney Burgett, marketing and communications director at Haven Life.

Haven Life, which recently turned 3, is part of a trend among large banks and insurers to set up new brands, some of which take the form of in-house startups aimed at younger customers. Notable examples include Pacific Life’s in-house impact investment startup Swell and Lulo, Liberty Mutual’s consumer brand for rental insurance. Haven Life’s approach to reaching young consumers meant giving life insurance a new narrative. Instead of being something to protect against a scary event most people don’t want to talk about, it’s now being associated with life’s evolutionary phases. So as policy holders hit milestones like buying a house or having a child, buying life insurance is associated with progress in life.

“We’re taking an approach where it’s a celebratory experience; buying life insurance is associated with the best moments in people’s lives,” said Adam Weinberg, content director at Haven Life.

The company used a customer survey to underline findings in its 2017 annual report, drawing attention to milestones in people’s lives: 20 percent bought a home, 29 percent got a promotion, and so on. Earlier this year, it gave customers Valentine’s Day greeting cards called “coveragegrams” to share the news that they bought life insurance.haven-life-coveraegram

“We created these Valentine’s Day ‘coveragegrams’ around the idea that ‘I love to tell my partner that I got a policy’ — this is all building up to our interest and belief in one-on-one personalization,” Weinberg said.

More recently, the company has been using data to cut down on applications that aren’t completed. This week, after a customer completes an initial online application and as the company waits for additional steps like a medical exam or additional documentation, Haven Life began using video rendering software Imposium to develop personalized videos that include basic data about the individual such as their name and gender, birth date and month, and occupation.

“It’s an example of us as a brand inserting some humor and levity to life insurance, an experience that most people don’t expect to have,” said Burgett.

While it’s too early to tell if the video experiment will reduce incomplete applications, the company said a soft-launch last week yielded encouraging results. Haven Life’s separateness from its parent company lets it move fast.

“When you have a company [like MassMutual] that’s grounded in an agent-driven model, you also have the bias on how the product is designed and how the process is,” said Aite Group senior analyst Samantha Chow. Haven Life is based in New York, away from MassMutual’s Springfield, Massachusetts headquarters.

Maintaining Haven Life’s autonomy is critical to its strategy, according to MassMutual.

“We chose to keep Haven Life distinctly separate from MassMutual to provide it with the autonomy it needs to foster creativity and an entrepreneurial spirit,” said Gareth Ross, MassMutual‘s chief digital and customer experience officer.

 

0 comments on “How MassMutual’s in-house startup Haven Life targets millennials”

Modern Marketing

Should banks ditch passwords and move to voice authentication?

  • Voice authentication could offer banks a number of advantages over existing verification methods, including greater security and a more convenient user experience.
  • However, it may not be wise to use voice on its own as a complete replacement to current verification methods.
Ismail Umar | January 04, 2022
Modern Marketing

‘A different level of emotion’: Ally’s biggest campaign to-date positions the company as a financial ally

  • Since October, Ally has been on the go with its widest-reaching campaign to-date.
  • With the campaign, Ally wants to emphasize its role in helping consumers pursue their dreams, as well as everyday to-dos.
Rivka Abramson | January 03, 2022
Modern Marketing

‘Calm and deliberate’: Betterment’s new visual identity

  • The pandemic has changed the way people manage their finances, and with that investing is becoming more about financial stability and less about financial fantasy.
  • Betterment’s new look could help position it as a partner for consumers’ financial journeys, rather than just another investing platform.
Rivka Abramson | December 27, 2021
Modern Marketing

Stash’s ‘Great Things Take Time’ campaign marks a stepping stone for the company

  • As day trading continues to gain popularity, Stash’s new campaign aims to show the benefits that come with building things over time.
  • The campaign also marks Stash’s goal to expand its services past investing.
Rivka Abramson | December 20, 2021
Modern Marketing, The Customer Effect

Gens under the lens: The Gen Z consumer

  • Generation Z, also known as Zoomers, represents individuals born between 1997 and 2012, following Millennials.
  • They grew up with the internet, computers and smartphones, are tech-savvy and all about digital finance.
Iulia Ciutina | December 16, 2021
More Articles