Insurtech, Podcasts

Haven Life’s Yaron Ben-Zvi: ‘People don’t wake up in the morning wanting to buy a policy’

  • Yaron Ben-Zvi set out to build an insurance product to scratch his own itch.
  • Now part of MassMutual, Haven Life was born.
close

Email a Friend

Haven Life’s Yaron Ben-Zvi: ‘People don’t wake up in the morning wanting to buy a policy’

Shopping for life insurance after the birth of his first child, Yaron Ben-Zvi went online and was shocked. The world that was transforming banking and investing hadn’t made its way to insurance. So, as a technologist and entrepreneur, he set out to change that. Haven Life was soon born. Now, a division of MassMutual, Haven set out to simplify the buying of life insurance.

We discuss the customer challenges in life insurance and how Yaron’s positioned Haven to address them. He tells us how he’s tackled the application process and sped up the decisioning using data and analytics. We talk about the segmentation created by launching Haven Plus, the firm’s premium product. Lastly, we dive into why Haven acquired insurance broker, Quilt, and what Yaron plans to do with that property.


SubscribeiTunes I SoundCloud I Spotify
The following excerpts were edited for clarity.

Why life insurance?

I actually came to life insurance as a customer. Probably about seven years ago after the birth of our first child, my dad tapped me on the shoulder and said it was time to buy life insurance.

My background had always been in technology — within media and financial services — and when I went online to buy life insurance, I was kind of shocked by what I found. The world had already changed other parts of financial services, like banking and asset management. It felt like none of that had touched insurance.

For a customer like me that does a lot of stuff online, there had to be a different way.

What is unique to life insurance that makes it hard to bring online?

Other than healthcare, life insurance may be one of the most complex spaces. First off, there are regulatory challenges and things to be aware of. There are also a lot of customer challenges. This is a product that isn’t high engagement — it’s not something that people wake up in the morning wanting to buy. So, there are challenges helping people realize why this is such an important product to have.

Lastly, there is complexity around the data and the process. There is a lot of underwriting and information as part of getting someone a life insurance product. Taking that into account as you’re trying to simplify a product is a heavy lift.

Haven’s work to address insurance’s challenges

We’ve taken the process and put it online in a way a customer can understand and go through the entire process themselves. That involves making it transparent, like taking a 40 page pdf and turning it into something a customer can get through.

We’ve also used the world of data and technology to give customers an answer as quickly as possible. When a customer comes to our website, they can get a quote, fill out an entire life insurance application and get some type of answer back from our algorithm that gives them a sense of whether they can get life insurance right away and what that insurance would look like. Putting this process online so that it takes a matter of minutes has made it easier for customers.

The relationship with MassMutual

We call ourselves the in-house startup. We’re wholly-owned by MassMutual. Haven Life is the agency and MassMutual issues the policies we sell. When you sell life insurance, what you’re really selling is a promise to pay in twenty or thirty years. We think it’s really important that this policy comes from a big company with a long history. We work really closely with the folks at MassMutual to define the products and processes that go into the service we offer.

The term life insurance we sell is exclusively sold through Haven Life.  Being part of MassMutual is a good relationship because we’re working in the same direction. One of the things I think we’ve done well is ask the question ‘who is the customer we’re trying to serve’  — that’s the slightly younger, self-directed customer — and together with MassMutual, decide how best to serve this customer.

0 comments on “Haven Life’s Yaron Ben-Zvi: ‘People don’t wake up in the morning wanting to buy a policy’”

The Green Finance Podcast

The Green Finance Podcast Ep. 10: Tangible steps banks can take to help their customers lower their carbon footprint

  • The majority of people want to know more about the environmental impact of how they spend their money and want their banks to help them take action and reduce their environmental impact.
  • I'm talking about this today with my guest Emma Kisby, UK & Europe CEO of Cogo - a company that provides carbon footprint management products.
Iulia Ciutina | September 30, 2022
Where Credit's Due Podcast

Where Credit’s Due Ep. 10: Getting capital without dilution or debt through recurring revenue financing, with Pipe and Anthemis

  • Today we're talking about another way of accessing capital: recurring revenue financing. If there's cash flow coming in, this recurring revenue is made into a tradable asset that can be sold to investors.
  • It's a dilution-free and debt-free form of financing, which we explore in detail with Michal Cieplinski, Chief Business Officer at Pipe, and Farhan Lalji, Investor at Anthemis.
Iulia Ciutina | September 28, 2022
Podcasts

Behind Amex’s use of Kabbage as ‘the heartbeat’ of its strategy to help SMBs with cash flow

  • Two years after American Express bought small business lender Kabbage, the products are integrated and growing.
  • Tearsheet sat down with Kabbage's head of marketing to get insight on where the growth is coming from and where the company is headed.
Zachary Miller | September 27, 2022
Payments, Power of Payments Podcast

Power of Payments Ep. 14: JPMorgan vs Stripe and Block, CFPB is coming for BNPL, and is LTO a viable BNPL alternative?

  • This week, we talk about JPMorgan’s acquisition of payments firms Renovite, and the CFPB’s recent report on BNPL firms, which suggests that regulation is coming for the sector.
  • We also discuss why lease-to-own, which is another type of installment payment option, has been gaining popularity in recent months.
Ismail Umar | September 23, 2022
Data, Podcasts, Sponsored

‘Earned wage access is the next evolution in improving day-to-day liquidity’: Argyle’s Matthew Gomes

  • Director of strategy at Argyle, Matt Gomes, joins us on the Tearsheet Podcast.
  • Listen in to our conversation about how payroll and employment data API platforms enable financial institutions to bring the next generation of financial products to consumers.
Argyle | September 22, 2022
More Articles