HARTFORD, Conn., Feb. 26, 2020 /PRNewswire/ — Covr Financial Technologies (Covr) and Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), are today announcing a partnership that helps more customers purchase the life insurance protection they need. This new collaboration brings products sold by Haven Life to the financial institutions that use Covr’s industry-leading, white-labeled digital life insurance platform.
“Covr and Haven Life share a common vision to help people secure life insurance in the most efficient and cost-effective way,” said Mike Kalen, Covr CEO. “We’re thrilled to add Haven Life to our platform. Their leadership in simplifying and tailoring insurance solutions to customer needs stands out as an industry innovator.”
The partnership between Covr and Haven Life enables both insurtech leaders to reach an increasing number of financial institutions and their customers with high-quality and affordable life insurance options. Covr’s white-labeled digital consumer life insurance platform includes single session ‘apply and buy’ insurance, multi-carrier insurance solutions, needs analysis tools, educational content, and telephone-based sales support.
Through the Covr platform, customers at banks and credit unions can now purchase the Haven Term policy — a fully underwritten term life insurance policy issued by MassMutual. Customers who choose Haven Life can apply online and, if approved, purchase life insurance from any device, in a matter of minutes. In addition to the affordable coverage issued by a reputable insurer, eligible customers will gain access to Haven Life Plus, an innovative rider that provides valuable no-cost benefits, including a digital will service, an on-demand fitness app, a digital document storage vault and more.
“I started Haven Life to make buying life insurance simple for busy families like mine,” said Yaron Ben-Zvi, CEO of Haven Life. “I’m proud to have our products featured on Covr’s platform and am excited about the impact the partnership has already had to date. We look forward to continuing to expand access to affordable and convenient life insurance coverage through Covr.”
About Covr Financial Technologies Inc.
Covr partners with financial institutions to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its white label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust. Covr currently serves over 25,000 financial advisors and over 10 million customers across 30 financial institutions.
Covr’s investors include four leading venture capital firms: Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners. The Covr Advisory Board includes several well-recognized leaders in financial services and insurance, including Chairman Brian Finn, former president of Credit Suisse First Boston; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; and Brady Dougan, former CEO of Credit Suisse. Covr has offices in Boise, ID and Hartford, CT.
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 may not be available in all states. In NY, Haven Term is DTC-NY 1017. Our agency license number in California is OK71922 and in Arkansas, 100139527. Most applicants will need a medical exam, which they schedule at their convenience, to finalize coverage.
Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).