Choco’s license application includes a request for a permit to operate in the business property and home insurance sectors. The company says that it will market over 1,000 insurance products with unique segments adapted personally to independent traders
Choco Digital Insurance has completed the submission process to obtain a permit for the first insurance company in Israel operating entirely digitally. The company will act to be first digital insurance company operating 100% automatically without any human intervention. The company says that it will market over 1,000 insurance products with unique segments adapted personally to independent traders.
Until now Choco Digital Insurance has been marketing insurance to any business via the Choco Insurance Agency, enabling 24/7 digital insurance purchasing. The agency is currently offering the ability to purchase insurance for fitness trainers, pilates trainers, occupational therapists and rafting coachers, as shelf products. One of Choco’s special features, and one which is dear the hearts of independent traders, is the ability to receive in real time, to their cellphone, all of the details of the insurance and particularly a certificate of insurance, required by independent traders for almost any business action. Choco Insurance Agency works currently with Lloyds, Harel and Migdal.
Choco’s license application includes a request for a permit to operate in the business property and home insurance sectors. The application was filed with the assistance of Choco Insurance Agency’s legal adviser, Attny. Guy Gissin. The company also says that this the first application to the Capital Market Authority for licenses for a digital automatic insurance company.
Parties close to the deal say that the Capital Market Commissioner, Dr Moshe Bareket, supports the step that Choco Digital Insurance is seeking to carry out.
Choco Digital Insurance was founded by Liav Gefen and Uriel Aharoni and offers personal digital insurance which is based on artificial intelligence, operating automatically.
After completing the first investment round, estimated at 10 million shekels, the company is currently in process of an institutional investment round.
The company says that the technological capabilities offered by it are based on a cloud platform with the most advanced artificial intelligence and big data technology in the sector, from Pasio which is owned by the founders and operating in the USA and Italy.