A vibrant insurtech industry has been developing in Israel in recent years. Over 100 ventures have started operating here in the last few years and have created a vibrant, rich and thriving ecosystem. The Israeli regulator is heavily involved in the sector, and is supporting and assisting insurtech in a number of ways. Testifying to the success of the sector in Israel are three companies each worth over a billion dollars – Lemonade, Hippo and Next Insurance.
The entrepreneurs working in the Israeli insurtech market are for the most part older entrepreneurs with experience in the field – which increases the chances of success of the ventures, and there is no doubt that in the near future, unicorn companies will spring up here in the non too distant future.
The success to such an extent of an industry in a country of Israel’s size (8 million inhabitants) is not surprising. The insurance sector in Israel has always been regarded as an innovative and sophisticated one and of great importance in the international insurance market. This is testified to by the large number of reinsurers, amongst the world’s largest, who have been accompanying the Israeli companies for many years, the foreign insurance companies who have been active here over the years and the international brokers who have developed extensive activity here.
But the insurance sector does not operate in vacuum, and it benefits from the positive characteristics of the Israeli economy, as one which is innovative, growing and advanced. One of the main characteristics of the Israeli economy is the Hi-tech industry. Israel’s hi-tech industry is regarded as one of the most advanced in the world, and has given birth to some of the strongest brands, a world without which is difficult to imagine.
It thus comes as no surprise that the combination of Israel’s sophisticated insurance sector and Israel’s ground-breaking hi-tech industry acts as fertile ground for the development of a ground-breaking insurtech and fintech industry, which is today creating the insurance sector of tomorrow. The Insurance sector, which is known for its conservatism, is re-inventing itself, is initiating digital improvements, is adopting technological developments and is taking a pro-active approach in deploying for the near and distant future.
INSURTECH ISRAEL NEWS, of which this is the first edition, is being launched in order to review the important industry and developments in it, for readers around the world, as well as in Israel – people from insurance companies, brokers, banks, regulators, investors and so on.
The magazine has been founded as a collaborative venture between Insuretech Israel and the Polisa newspaper, which is published by Economic Communications Ltd.
INSURTECH ISRAEL Is a boutique strategy consultancy dedicated to engendering innovation in the insurance industry.
Polisa is published in Hebrew four times a week. Working alongside Polisa is the Policy newsletter – an English-language newspaper which been reviewing the insurance industry in Israel for over a decade, for overseas readers – reinsurers, insurance companies, brokers and others. The content in Insurtech Israel News is given exposure in Hebrew in the Polisa newspaper.
Insurtech Israel News will initially come out once every two weeks, with frequent updates in the InsurtechIsrael.news website. You can subscribe here. Follow us also on Linkedin, Twitter and Facebook. Do you have important news that you think is worth knowing about? Tell us about it here.
Wishing you enjoyable and useful reading!