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MassMutual's Digital Agency Makes Distribution Deals

By Allison Bell

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Haven Life is ignoring the recent gloom about insurance technology companies and adding distribution relationships.

MassMutual’s New York-based digital life insurance agency announced two new distribution alliances Monday.

One is with Policygenius, the web-based insurance broker recently acquired by Zinnia, and the other is with WEA Member Benefits, a nonprofit group that’s setting up a national term life sales program aimed at public school teachers.

Last month, Haven announced a third distribution relationship with Blend, a mortgage lending tech firm.

What It Means

Insurtech firms are still out there working to make things happen.

The Product

Haven Life’s best-known product may be the Haven Simple policy, a policy issued through a fully online underwriting process in all states except Delaware, New York, North Dakota and South Dakota.

A sister company, C.M. Life Insurance Company, writes the term life coverage in many states, and MassMutual itself writes the coverage in other states.

The policy can provide up to $1 million in coverage.

The Distributors

Haven Life’s new relationship with Policygenius may get the most attention. The web broker came to life in 2014 and since then has sold about $200 billion in insurance.

Zinnia, the new owner of Policygenius, was formerly known as SE2. It acquired Breathe Life, a Policygenius competitor, in 2022.

WEA Member Benefits, another new Haven Life distribution partner, is a Madison, Wisconsin-based financial services organization that traditionally has managed benefits programs for public school teachers and other public school employees in Wisconsin.

It now offers some programs, such as a long-term care insurance program, to educators outside Wisconsin.

The organization’s term life program is a national program.

Blend, the third distributor, runs systems that help lenders, mortgage brokers and home buyers do business online. It already has experience with supporting insurance sales through an existing title insurance sales program.

Blend, along with the rest of the mortgage lending industry, has suffered because of the recent spike in interest rates, but it still managed to process 182,000 mortgage loan transactions in the first quarter,

Credit: Shutterstock

Allison Bell

Think_Allison

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