Ledgertech is a digital insurance technology company providing a Low code/No code Insurtech platform for embedded insurance and MGA As A Service (MAAS).
The company enable insurers and MGAs to create new digital insurance products in days rather than months or years and utilize partner eco-systems of technology, data, capacity, and fronting providers. The Ledgertech platform can be used for any insurance use case and consumption models, including PAYG, PHYG, UBI and P2P.
Eran Tirer is the Founder & CEO, Omer Caspi is the Founder & CTO and Yael Yariv – Chief Insurance Business Officer.
This article is a part of a series of articles presenting the Israeli delegation to the Insurtech Insights 2023
How does it contribute to the insurance field?
Traditional insurers are not geared to the digital era: they are too big, too slow, and too complex, running 30-40 years old policy admin systems that are not flexible enough to support the changing business needs. They are focused on improving existing, traditional business processes, rather than operating as a true digital insurance company should be managed.
At Ledgertech we took a totally different approach. Prior to founding the company in 2018, our founders and core development team have spent 15 year building the EZSource static code analysis product and helping large enterprise customer such as ING Life, Aviva, AFLAC, Hannover Re, Royal Bank of Scotland, Tokyo Mitsubishi Bank, Standard Bank, Accenture, and many more to better understand and manage their core policy admin system. This gave us a unique opportunity to learn the complexities and the issues traditional insurers must deal with, when trying to become digital. In 2016, EZSource was acquired by IBM, and after spending another couple of years at IBM, we’ve felt ready for our next challenge – digitally transforming the insurance industry. The Ledgertech platform is based on our combined experience and understanding of these challenges and is configurable for all insurance products, use cases and consumption models – PAYG, PHYG, UBI, P2P, etc.
How did your idea come about?
After building the first version of the Ledgertech platform, we’ve worked together with our customers, business partners and design partners on supporting their top priority use cases, which led to an iterative process of product improvements. We believe that a good product is measured by the value it brings to its users, which led us to the understanding that the biggest value is derived from a combination of answering both technology and business needs. For that reason, we have established our partner eco-system, where we integrate best-of-breed technology and data providers into the Ledgertech platform, enabling our customers to create new innovative digital insurance products that utilizes the latest insurtech components such as telematics, satellite weather data, digital mapping, vulnerability and threat assessment, etc.
On the business side, we have expanded our business partners network with capacity and fronting providers, so that our embedded insurance customers could have a complete solution, combining both insurance technology and insurance business into a one embedded insurance product.
What important business moves did you make during 2022?
We’ve expanded our customer’s base by adding new embedded insurance and MGA customers, expanded our technology and business partners eco-system, and established presence in Japan and APAC.
What moves are you planning to implement in 2023?
We are growing rapidly, hiring additional developers, sales and support staff, and plan to expand in the US this year.
What are your expectations to achieve at the conference?
We expect to raise interest among new potential customers and business partners and expand our partners eco-system.