In an effort to expand into new product offerings, Haven Life announced on Aug. 8, that it has acquired the online insurance broker Quilt. Terms of the deal were not disclosed.
Haven Life, which is backed and wholly owned by Massachusetts Mutual Life Insurance Company, debuted its term life insurance buying experience in May 2015. The acquisition of Quilt, the company says, is “proof positive” that Haven Life is continuing to grow and deliver on its mission to create a new kind of customer-centric buying experience that’s powered by industry-leading technology.
“We continue to have big ambitions for Haven Life and what we can do in this industry,” said Yaron Ben-Zvi, CEO and Co-Founder of Haven Life. “To achieve our goals and expand into more product offerings, we needed to bring on a sophisticated partner who not only understands the complexities of the insurance industry but also has the drive to not settle for the status quo. We are thrilled to have Quilt’s talented team join us and can’t wait to showcase the innovation that comes out of this collaboration.”
Quilt also began in 2015, offering renters and term life insurance policies digitally, without the need for an agent. Quilt’s success in simplifying and streamlining complex financial products caught the attention of Haven Life and MassMutual, who saw an opportunity to address another financial problem facing millions of Americans: retirement.
Quilt will now focus its attention on rethinking the buying experience for longevity products, with a specific concentration on how wealth annuitization can help address the financial concerns of future retirees. Quilt will no longer sell or manage renters or term life insurance. Existing customers have been notified and are appropriately transitioning to the policy issuer.
“Life expectancy is steadily increasing, yet many Americans are not financially prepared for an extended retirement. Pensions are disappearing, which means an increasing number of people could outlive their savings. Unless something changes, there’s a crisis on the horizon,” said Quilt co-founder and chief executive Blair Baldwin. “Our job is to determine how longevity products can help the average person live a better life long into retirement. We couldn’t be more excited to join forces with Haven Life and MassMutual to use our combined technology, resources and expertise to bring this vision to life.”
In an interview with Bloomberg, Baldwin added: “Longevity products are brand new for us. We’re really going to spend the next few months doing a deep dive, figuring out where we can really move the needle in the most relevant fashion.”
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.
About Quilt: Founded in 2015, Quilt is dedicated to making the insurance-buying process simple, digital, and user friendly. The Boston-based company recently joined forces with Haven Life to help the average American prepare financially for retirement, with a focus on how annuities can help solve the longevity crisis.
