Trends Report

Haven Life Rethinks Life Insurance Distribution For A Millennial World

MassMutual Pilots A New Digital Insurance Agency To Meet The Needs Of Younger Customers

November 12th, 2015
Ellen Carney, Principal Analyst
Ellen Carney Principal Analyst
With contributors:
Aurelie L'Hostis , Benjamin Ensor , Audrey Blumstein , Emily Atkinson , Nicole Lesperance

Summary

Life insurance gets a bad rap among Millennials. The purchase process is arduous, usually requiring a face-to-face meeting. That puts a lot of younger life insurance prospects on edge. Why? Because if they can buy their car insurance in 15 minutes or less, they should be able to do the same for life insurance. Massachusetts Mutual Life Insurance (MassMutual) decided there needed to be a better way, and in May, it piloted Haven Life, a digital life insurance agency in Massachusetts; it has since expanded to eight other states. What can insurance eBusiness professionals learn from MassMutual's take on new distribution models? Keep the experience simple, immediate, and engaging.

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