Even Financial (New York), a search, comparison, and recommendation engine for financial services, has announced the launch of Haven Life’s (New York) Haven Term and Haven Simple on its life insurance marketplace platform. Using machine learning and advanced data science, Even offers the proposition of solving a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its API and embeddable solutions. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife, according to an Even Financial statement.
“In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance but are often dissuaded by the complex application process and need to complete an in-person medical exam,” comments Phill Rosen, Founder and CEO, Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We’re thrilled to welcome them to the Even platform.”
The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life’s offerings expand the variety of life insurance options already available to consumers through Even’s API.
Wade Seward, Head of Distribution Strategy, Haven Life.
“Haven Life is committed to meeting life insurance customers wherever they are—and often, it’s where they are managing the rest of their financial life,” comments Wade Seward, Head of Distribution Strategy, Haven Life. “On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”
Even Financial entered the life insurance industry in 2020 through its acquisition of LeapLife, a San Francisco-based licensed InsurTech life insurance agency. Since that acquisition, Even reports that it has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group (Strafford, Pa.), Pacific Life (Newport Beach, Calif.), and Mutual of Omaha (Omaha) are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion (Chicago) and Lantern by SoFi (San Francisco) use on Even’s embedded finance marketplaces to power digital personalized life insurance policy quotes for their customers, with live agent support.
Source: Insurance Innovation Reporter