Q&A with Yaron Cohen, Clarity CEO
What does Clarity do?
Cohen: Clarity is a SaaS solution for employer workplace pension duties, with employee’s freedom of choice.
Clarity enables Pension auto enrolment with multiple carriers and complex insurance & pension plan. It performs funds transfer (reporting and clearance) to pension and insurance companies and enables working with multi agents and advisors. All these processes are carried out under strict control and monitor of the process.
Clarity solution significantly lowers the employer’s technological and psychological barriers; it enables the employers to work with multiple pension companies and agents as if they were dealing with one only. It allows employees to choose the right Pension scheme or continue with the existing one.
What Insurance and pension companies are you currently working with?
Cohen: Clarity SaaS solution was chosen to serve as the employer’s portal for the seven largest insurance and pension companies (out of the 10), which together hold a 93% market share of the long-term savings in Israel.
The companies that implemented Clarity solutions are – Menora Mivtachim Group, Harel Insurance Investments & Financial Group, Migdal Group, Clal Group, Meitav Dash Investment House, Halman-Aldubi Investment House and Hachshara insurance company.
What is your offer to insurance agents?
Cohen: Clarity solution significantly lowers the employer’s technological and psychological barriers; it enables the employers to work with multiple pension companies and agents as if they were dealing with one only. It allows employees to choose the right broker and Pension scheme not feeling as a captive customer and this opens business opportunity for insurance agents and broker.
What other sectors are you approaching to?
Cohen: We approach the employer, its employees and companies in Israel that give services to the employers in order to ensure the arrival of savings to its correct place in the Insurance companies and Investments houses.
Are you supervised by the regulator? How do you secure the savers’ money?
Cohen: We provide services to supervised company, therefore Clarity implements stringent security and regulatory requirements applicable to our clients.
Do you plan to expand abroad?
Cohen: We are inspecting these days the possibility of expansion in a number of countries in Europe, where there is a law obligating the employee to have a pension, and where the Pension & Financial market is less developed than the Israeli market, so we can offer valuable solutions.
In what kinds of pension markets can you fit in?
Cohen: A market with mandatory pension layer, as described above, with Multiple funds and long-term savings products.
What investments were made in the company?
No investments were made in the company except from the founder ones.
Tell me about your professional background.,
Cohen: I have been the founder of several technology companies that provide systems and services to the insurance and finance market for the past 26 years.
My company implemented solutions and services in Insurance companies and Investments houses, in Insurance agencies and in 9 (of 10) Israeli Banks as well.
The protocols written by me were the basis for regulations protocols implemented by the Treasury in 2016 entitled “Uniform Structure of digital Information and Data transfer in the Pension Savings Market”.