MassMutual’s Failed Insurtech Experiment
In June 2016 MassMutual announced the launch of ValoraLife, “a simple, quick way to buy affordable life insurance online.” Its products – Term and Term Plus – were first made available in Houston, TX and were later rolled out in additional states. 15 states to be exact. Also, it recruited celebrity entertainer Mario Lopez to help with the launch and even attempted to create bilingual educational tools on financial-related subjects.
This is now. The company has shut down its Twitter account, and posted the following “important announcement” on its Facebook page on October 26: “ValoraLife transitions to MassMutual . ValoraLife has championed simplicity, affordability and innovation for your family in the insurance industry. We have been an initiative of MassMutual, a leader in life insurance for more than 165 years. That is why now we are offering MassMutual Direct Term, with the same easy application process. Receive a timely decision, apply now.”