Haven Technologies to close down

After laying off around 280 employees last year, Haven Technologies, the insurance SaaS provider owned by MassMutual, has recently filed a Worker Adjustment and Retraining Notification with the New York Department of Labor stating that the company is closing with layoffs affecting 65 employees – 53% of the workforce.

According to a statement by MassMutual, Haven Technologies will be integrated into MassMutual at the beginning of 2025. We reached out to the company to inquire if the technology services will still be offered under the new structure. The company responded that it will no longer provide the product to third-party carriers while adding the following statement:

“Haven Technologies was established to offer MassMutual’s proprietary technology to other carriers for their use. Over time, it has become clear that the market for and economic structure of this standalone Software as a Service (SaaS) business isn’t viable. Given these learnings, Haven Technologies will integrate into MassMutual at the beginning of 2025, allowing even more focus on the technology elements that support MassMutual’s strategy. A majority of the Haven Technologies employees have been offered roles at MassMutual, with the remainder leaving the organization at the end of 2024. The contributions of the employees who will be departing are appreciated, and Haven Technologies is committed to supporting them and providing resources and assistance, including severance benefits, outplacement services, and career coaching.”

Haven Technologies was introduced in 2021 in the US. The company’s software solutions and services are designed for insurance carriers to underwrite, service, and administer policies. The company wasn’t able to attract meaningful carriers.

Last year, we covered MassMutual’s decision to shut down Haven Life, the direct-to-consumer life insurance agency established in 2014.