Haven Life, a life insurance startup owned by MassMutual, has revamped its digital experience in the bid to streamline the process of procuring life insurance through incorporating AI-based services.
The AI technology determines the eligibility of the applicant immediately. It also gives the possibility of providing coverage to the applicant without undergoing a medical exam. The technology offers more than just quotes.
This is possible since it performs a comparison of the information supplied with historical outcomes hence offers real policy rates.
Apart from being optimized for multiple devices, the improved Haven Life platform not only allows clients to offer feedback but also features a new design aimed at looking modern fresh and reliable.
Originally, Haven Life Insurance Agency was established with the aim of showing that technology can make the purchasing of life insurance simpler.
For this reason, the company is counting on AI to boost its operations due to its increasing role in marketing and the ability to processes data in large amounts.
Haven Life Insurance Agency now intends to use digital technology in a move to revolutionize the life insurance industry the same way Uber and Airbnb disrupted taxicabs and short-term rentals respectively.
The traditional process of purchasing of a life insurance cover can be time-consuming, tedious and complicated due to the lengthy application.
On the other hand, customers often purchase life insurance out of necessity.
Buying life insurance can be uncomfortable since no one wants to tolerate the thought of his or her mortality. Hence, Haven Life has attempted to make the process more open and user-friendly as opposed to processes used by their competitors.
The Redesigned Haven Life platform uses AI technology to not only evaluate applications but also compare the information with historical data to provide accurate insurance rates.
An application containing 30 questions encompasses conversational queries that are similar to an online quiz.
This simplicity eliminates the confusion caused by insurance forms containing about 100 complicated questions. In most cases, Haven Life, which is two years old, promises coverage without conducting a medical exam.
AI has already become a renowned disruptor in the auto insurance industry. Haven Life is the newest startup in the insurance sector to integrate AI with its systems.
Through this approach, Haven Life has embarked on a path to influence the millennial demographic.
This move will lead to an increase in the number of customers seeking to buy life insurance.
Original source Marketing Dive