The year 2024 was transformative for the Israeli InsurTech ecosystem, positioning the nation as a leader in insurance innovation. With eleven Israeli startups featured in CNBC’s prestigious “World’s Top 150 InsurTech Companies,” the year showcased groundbreaking achievements in funding, acquisitions, and global collaborations. As we prepare to release a comprehensive report summarizing 2024 and projecting trends for 2025, this article highlights the key investments and milestones that defined the past year.
Q1 2024: A Strong Start with a Total of $324M
The year began with significant advancements in retirement, healthcare, and small business insurance:
- Next Insurance raised an impressive $265 million, enabling the company to expand its offerings for small and medium businesses.
- Empathy secured $47 million to provide enhanced bereavement support services.
- DigitalOwl raised $12 million, introducing innovative insurance documentation solutions.
Q2 2024: Advancements in AI and Cybersecurity
Q2 focused on the convergence of AI, health benefits, and cybersecurity:
- Honeycomb Insurance raised $36 million, deepening its AI-driven technology for property insurance.
- Healthee secured $32 million to revolutionize health benefits platforms.
- Guardz raised $18 million, offering cybersecurity solutions tailored for small businesses.
Q3 2024: Investments in Cyber Resilience and Climate Risks
The third quarter emphasized cyber resilience and climate-related challenges:
- AI raised $31 million, leveraging AI for innovative insurance solutions.
- Cytactic secured $16 million to bolster cyber resilience for businesses.
- GEOX raised $19 million, addressing real estate risks associated with climate change.
- AmTrust invested 72.6 million NIS in weSure Global, solidifying its presence in the InsurTech domain.
Q4 2024: Focus on Travel and Healthcare Solutions
Closing the year, Q4 focused on expanding healthcare access and travel health solutions:
- Antidote Health raised $22 million to enhance affordable healthcare solutions.
- Air Doctor secured $20 million to provide global health services for travellers.
Looking Ahead
The full report, set to be released shortly, will delve deeper into the Israeli InsurTech ecosystem’s 2024 activities and outline emerging trends for 2025.
Kobi Bendelak CEO at InsurTech Israel: “2024 was a year of exceptional achievements for the Israeli Insurtech industry. We are proud of each and every one of our partners and every startup in the community. By fostering collaboration and embracing a global perspective, Israeli Insurtech is poised to continue its remarkable trajectory and shape the future of the insurance industry worldwide. We invite you to join us and shape the future of insurance”
Dr. Yael Benvenisti Deputy CEO at InsurTech Israel:” This year, Israeli startups have set a new benchmark in the Insurtech world, showcasing the power of innovation and ingenuity. Together with our partners, we will continue to shape the future of global insurance, driving transformation and setting new industry standards”
Stay tuned for a detailed exploration of Israel’s contributions to the global insurance innovation landscape.
