US-based life insurance startup Haven Life said that it is acquiring Quilt, an online insurance broker, in a move to expand into new product offerings.
Haven Life, which is backed and wholly owned by Massachusetts Mutual Life Insurance Company, debuted its simple and intuitive term life insurance buying experience in May 2015.
The acquisition of Quilt is proof positive that Haven Life is continuing to grow and deliver on its mission to create a new kind of customer-centric buying experience that’s powered by industry-leading technology.
Haven Life CEO and co-founder Yaron Ben-Zvi said: “We continue to have big ambitions for Haven Life and what we can do in this industry.
“To achieve our goals and expand into more product offerings, we needed to bring on a sophisticated partner who not only understands the complexities of the insurance industry but also has the drive to not settle for the status quo. We are thrilled to have Quilt’s talented team join us and can’t wait to showcase the innovation that comes out of this collaboration.”
Quilt began in 2015 by offering renters and term life insurance policies digitally, without the need for an agent. Quilt’s success in simplifying and streamlining complex financial products caught the attention of Haven Life and MassMutual, who saw an opportunity to address another financial problem facing millions of Americans: retirement.
Quilt will now focus its attention on rethinking the buying experience for longevity products, with a specific concentration on how wealth annuitization can help address the financial concerns of future retirees.
Quilt will no longer sell or manage renters or term life insurance. Existing customers have been notified and are appropriately transitioning to the policy issuer.
Quilt co-founder and CEO Blair Baldwin said: “Life expectancy is steadily increasing yet many Americans are not financially prepared for an extended retirement. Pensions are disappearing, which means an increasing number of people could outlive their savings. Unless something changes, there’s a crisis on the horizon.
“Our job is to determine how longevity products can help the average person live a better life long into retirement. We couldn’t be more excited to join forces with Haven Life and MassMutual to use our combined technology, resources and expertise to bring this vision to life.”
Source: Company Press Release