SCOR and Haven Life launch new term life product
Reinsurer SCOR has partnered with insurance agency Haven Life and insurtech startup Afficiency to launch Haven Secure. The new term life insurance product provides a monthly benefit for U.S. policyholders' families. The collaboration signals continued innovation and partnership between established insurers and technology startups in the life insurance sector.
- Haven Secure is a decreasing term life insurance product, meaning the payout decreases over time. This structure is designed to align with liabilities that also decrease over time, such as a mortgage or student loans. - The product provides a monthly payout to beneficiaries, ranging from $1,000 to $8,000, for a minimum of five years. This income stream is designed to replace the policyholder's monthly income or cover significant recurring expenses. - The application process is entirely digital and does not require a medical exam, with an instant decision on coverage eligibility. This is facilitated by Afficiency's API-driven platform, which allows for quick product deployment and digital underwriting. - Haven Life, the digital insurance agency, is backed and wholly owned by MassMutual. Their target demographic includes millennials and Gen X, focusing on significant life events like buying a home or starting a family. - Afficiency is an insurtech startup that provides a platform for legacy carriers and new distributors to quickly create and launch digital insurance products through an API. This partnership allows established insurers like SCOR and MassMutual to innovate their product offerings. - SCOR, a global Tier 1 reinsurer, is actively partnering with insurtech companies to accelerate the use of new technologies in the insurance industry, from underwriting to claims processing. - For example, a healthy 35-year-old woman could get a 20-year policy with a $3,000 monthly payout for about $23 per month. If she were to pass away four years into the policy, her beneficiaries would receive $3,000 a month for the remaining 16 years. - The product is distributed through various partners, including banks, fintech companies, and insurance brokers, who can integrate the offering into their own platforms via a fully hosted API or a partner portal.
