Buying Micro Insurance Along The Way


Apfie founders Tal Cohen and Yarden Peled, aim at bringing about one-click insurance purchasing * The idea, Cohen says, is to link up with partners who are not necessarily from the insurance world and enable them to offer insurance as a complementary service

The high costs of online distribution and outdated distribution processes result in many insurances not succeeding in being sold digitally, according to the founders of the insuretch startup Apfie, Tal Cohen and Yarden Peled. Apfie has set itself the goal of bringing about the one-click sale of insurance or micro-insurance. Peled recently left his position as the marketing and digital section head at Menorah Mivtachim. Tal is a serial entrepreneur and investment, one of the founders of the Internovus international digital marketing company.

The idea, according to Cohen, is to link up with partners who are not necessarily from the world of insurance and enable them to offer insurance as a complementary service. We connect to the information held by the customer for the purposes of fast underwriting and creating a one-click insurance purchasing experience. The car rental companies have solved this well and permit the linkage of insurance to the rental deal and enable the purchase of insurance at the push of a button. Apfie brings with it a revolution in other verticals, such as shared electric scooters, tourism, cyber and small businesses.

Another example – renting electric bicycles that are rented out by the minute. Cohen stresses that the purchase of the insurance will be via the app for renting the electric bicycle.

Another area of Apfie’s activity is in the area of banks and credit cards. Cohen explained that the financial bodies have extensive information about the customer, but they have no connection with insurance, and in order to sell insurance, this link needs to be created.

“The partnerships between insurance companies and the companies have failed for a number of reasons, mainly since the insurance companies lack flexibility, with too much time elapsing from the decision until going live and the lack of ability to analyze the results and make the necessary adjustments easily and quickly”.

Peled: “A market failure exists in adapting insurance to the customer. The customer wants everything ‘here and now’, and thus the insurance companies need to focus on digital selling capabilities”.

Cohen: “The market has not succeeded in solving the mode of selling to the customer. A different way of thinking is needed. We need to see who touches the customer and where, which insurance is suitable at the particular point in time and what information we have on the customer”.

Apflie’s main partners are currently the active Chairman Danny Yamin, CEO Tal Cohen and Yarden Peled who acts as business development and marketing manager. In the initial stage, Apfie started operating in the area of shared tools – mainly electric bicycles and scooters, cyber policies for very small businesses, which are marketed by the telecom companies and office rental companies and insurance sales activity via the credit companies.


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