Haven Life recently announced its plan to acquire Quilt, a leading web insurance broker.

Massachusetts Mutual Life Insurance Company owns Haven Life . The acquisition stands testament to the company’s growth in the industry and its goal to create a new form of customer-centric experience that is supported by leading technology.

“We continue to have big ambitions for Haven Life and what we can do in this industry,” said Yaron Ben-Zvi, CEO and Co-Founder of Haven Life. “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.”

Now, Quilt will direct its focus on remodeling the purchase experience for long-term products and will primarily analyse how wealth annuitisation can fulfill future retirees’ financial concerns. The company will not continue to sell or manage, or term life insurance, according to a press release.

“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,” said Quilt co-founder and chief executive Blair Baldwin. “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.”