A new investment entity in the insurtech sector is starting out. SureTech, headed by former Clal Insurance Chairman Danny Naveh as Chairman of the partnership, is a limited partnership, which is currently acting to raise 36 million dollars. Additional directors – Dikla Wagner, Shuki Cohen Sharett CPA, Ido Ben Shitrit and Uzi Baruch CPA * Serving as CEO of the partnership will be Dan Tzror and as CFO and Business Development director – Doron Gedaliahu.
SureTech has so far invested in two companies in the insurtech sector – Vesttoo – with an investment of 2 million dollars on a valuation of 20 million dollars, and GEOX – a 2 million dollar investment on a valuation of 13 million dollars.
Vesstoo is an Israeli company that develops technology in the area of risk management, enabling insurance companies and reinsurers to transfer their insurance risks to the capital market via various investment instruments for investment purposes. These instruments are built by means of artificial intelligence, which estimates the insurance companies’ risk in an optimal and objective fashion and enables pricing of their risks.
The technology developed by Vesstoo is based on artificial intelligence enabling optimal modeling, pricing and forecasting of the development of actuarial risks over time. This unique technology ensures objective and independent modeling of actuarial risks and significantly improving the efficiency of the manual calculations carried out by reinsurers.
Based on the results of the model, the company carries out optimization of the financial structure of the transaction so that it meets the needs of the parties to the transaction, both the insurance company and the potential investors, and puts together a financial instrument enabling the risk to be transferred to the capital market investor.
GEOX develops artificial intelligence technology for deciphering air photos in three dimensions and for automatic and exact transfer of assets via AI, CV (computer vision) and deep learning technologies, the company produces automatically and exactly much information and in three dimensions from air photographs. GEOX’s customers include reinsurance giant Munich Re.