InsureTech Connect 2018 is a wrap in Las Vegas, after two days of big crowds – around 5,000 attendees – making their way around the MGM Grand Conference Center.
The featured speaker lineup on Wednesday included Lloyd’s of London CEO Inga Beale (shown at left) on inclusion in the industry, Lemonade CEO and Co-Founder Daniel Schreiber on the next trends shaping insurance, and a powerhouse panel of experts from Getsurance, Policygenius, Legal & General Insurance and John Hancock Insurance on the importance of getting people to think about buying insurance, instead of continually grappling with the hard-sell.
A focus on improving the customer experience and continuing to transform the industry to provide value to younger consumers were running themes throughout the conference, celebrating its third year of existence with an increasingly international flair.
The conference is also known for insurtech companies announcing new products and initiatives. What follows are a couple of note from a pair of life insurance companies.
Haven Life increases maximum coverage amount to $3 million
MassMutual-owned life insurance agency Haven Life made a splash at InsureTech Connect 2018 in Las Vegas on Wednesday by announcing a significant increase to the maximum coverage amount available for the Haven Term policy.
The increase in face amount from $2 million to $3 million, the company said, is a strategic move to better serve customers who are coming to Haven Life to secure affordable, MassMutual-issued coverage online.
“When we expanded coverage earlier this year, we saw a substantial increase in the number of people applying for the highest face amount available,” said John Latona, general manager at New York-based Haven Life. “We’re constantly looking for ways to improve upon and expand coverage offerings for the Haven Term policy. Based on our learnings to date, this is a natural next step.”
Haven Life’s term coverage, a company representative told Insurance Forums, tends to appeal to younger, highly educated people in metropolitan areas. Top states for sales typically include Texas, California, New York, Georgia and Florida.
Applicants up to 60 years old are now eligible to apply for up to a $3 million policy. For policies more than $1 million, a medical exam is required to finalize coverage. The exam takes about 20 minutes and can be scheduled at a time and place of the applicant’s choosing.
When it comes to customer-centric improvements, the last few weeks have been eventful for Haven Life, which has grown to a staff of 154 dedicated employees who operate independently of MassMutual. This announcement closely follows the unveiling of Haven Life Plus, a rider included in the Haven Term life insurance policy that the company says helps policyholders live healthier, fuller and more protected lives. Through Plus, Haven Life customers have access to no-cost or discounted benefits including an online will service, a digital safe deposit box, an at-home DNA test and health report, and in-store family health services.
For more information visit havenlife.com.
About Haven Life: Haven Life Insurance Agency, LLC is a life insurance startup, backed and wholly owned by MassMutual, that offers a simple online experience for buying high-quality and affordable coverage. Driven by a mission to make life less hard, we’re committed to changing life insurance so that it’s less time-consuming and far more rewarding.
Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and not be available in all states.
Fabric introduces digital sharing feature for life insurance policies
Insurtech startup Fabric used the spotlight of InsureTech Connect in Las Vegas this week to launch “Trusted Contacts,” what it calls a first-of-its-kind way for families to easily share insurance policy information.
Fabric, a life insurance company with a stated goal of being “committed to bringing life insurance into the modern age with an experience that is fast, affordable, and easy to navigate,” says Trusted Contacts gives families the peace of mind that comes from granting a beneficiary spouse or partner easy access to up-to-date policy information and customer support if the need arises.
The problem Fabric is looking to address is that while almost everything is accessible online today, most life insurance policies are hidden in file cabinets, dresser drawers or manila folders. Too many loved ones are not even aware that they are the beneficiaries of a policy. According to Consumer Reports, at least $1 billion in benefits from misplaced or forgotten life-insurance policies are waiting to be claimed by their owners. With Trusted Contacts, Fabric’s goal is to make it easy for families to know where everything is by allowing customers to digitally share important policy information with their partners.
“The number of unclaimed life insurance policies should be zero,” says Adam Erlebacher, Co-Founder and CEO of Fabric. “Otherwise the product is just not doing its job. Fabric helps make sure that families and parents always have peace of mind, with the information they need at their fingertips.”
If the policyholder modifies details such as the coverage amount, changes will be shared with the beneficiary who has been granted access to policy information.
Trusted Contacts is available on all term life insurance policies offered by Fabric as of Oct. 2, including a new term life experience that makes it possible to purchase term life coverage in minutes without a health exam. Coverage is offered in 47 states and Washington, D.C. Future additions to the Trusted Contacts feature will allow Fabric customers to securely share specific information with other family members and trusted advisors.
“Life insurance provides you and your loved ones peace of mind and resources for the survivor’s income needs,” says Marguerita Cheng, CFP and CEO of Blue Ocean Global Wealth. “While it’s important to plan for the unexpected, it’s as important for your loved ones to readily access this information when the need arises.”
Fabric’s policies are issued by Vantis Life, which was founded in 1942 and is rated “A” (“Excellent”) for financial strength and claims-paying ability by A.M. Best.
About Fabric: Fabric believes that every family deserves a secure financial future. Together with a group of world-class investors led by Bessemer Venture Partners and an ever-growing team of data, technology, and insurance professionals, Fabric is committed to bringing life insurance into the modern age with an experience that is fast, affordable, and easy to navigate.