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PASSPORTCARD AWARDED 2021 INNOVATION PRIZE IN GERMANY IN THE SERVICE EXPERIENCE IN HEALTH INSURANCE CATEGORY

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By on L&H, Travel

The Davidshield-Passportcard travel insurance company came first in an international innovation competition which was held in Germany in the health category – “Payment in real time – a pioneering solution changing the customer experience”. The company was awarded a prestigious prize, awarded this year in virtual format, without a physical meeting at the conference which was planned to take place in Berlin. The company says that the prize committee needed to decide between tens of European and international companies in different areas of activity, and represents a quality stamp for the company’s services around the world, amongst other things in…

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Wesure Chairman

WESURE RECEIVES LICENSE IN NEW JERSEY – PLANNING ON ENTERING THE MARKET WITH SME SMALL BUSINESS INSURANCE

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By on news, P&C

WeSure has received its first US insurance producer/license, in New Jersey. According to the company’s plans, the intention is to initially start with SME insurance, offering an insurance package for small businesses. It is expected that the company will start operating in 2021-2022. The first license was granted by the New Jersey State Banking and Insurance Division to the Wesure sub-subsidiary Wesure Digital Insurance Services Holdings Inc., which coordinates all of the group’s activity in the United States and is effectively held 100% by the company. The announcement by the company of it having received a license in New Jersey…

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Gil Arazi

FinTLV took part in the Series C funding round at Wefox

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By on Investments

wefox, the Berlin-based digital insurance company has raised a record US$650 million for its Series C funding round led by Target Global, resulting in a post-money valuation of US$3 billion. Funding round was led by Target Global with participation from existing investors, including OMERS Ventures, G Squared, Merian, Horizons Ventures, Eurazeo, Mubadala Capital, Salesforce Ventures, Speedinvest, CreditEase, GR Capital and Seedcamp. Israeli venture capital firm FinTLV took part in the round. This round is the largest for an insurtech globally and one of largest series C rounds ever recorded. wefox intends to invest the proceeds in strengthening its presence in existing…

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Roi Agababa, Novidea CEO

InsurTech Novidea secures $30 million in Series B financing, led by IGP

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By on BI, Investments

Novidea, developer of cloud-based solutions for the insurance industry, today announced that it has increased its funding by $15 million, led by IGP, adding to $15 million raised just several months ago. Novidea will use the funding to expand its operations in the USA and Europe and accelerate product innovation to meet increased market demand. Novidea, a leading provider of a cloud-based, data-driven InsurTech platform that enables brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle, today announced that it has secured $30 million in Series B financing, led by Israel Growth Partners (IGP)…

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Apollo’s ibott division partners with Israeli’s insurtech CI to gear up towards an AI-powered risk-based and personalized insurance in the growing shared mobility space

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By on L&H, news, P&C

Apollo’s ibott division, a global provider of insurance and reinsurance solutions has signed a Memorandum of Understanding with an Israeli Insurtech, CI LTD. CI’s technology will enable Apollo’s clients to reduce their fleet and rider insurance costs and turn insurance into a revenue source by offering on-demand insurance. Chris Moore, Head of ibott at Apollo Syndicate Management Ltd., said: “We are proud and happy that we have found a partner that shares our vision and long-term strategy. CI brings its connected insurance technology to evolve an industry that is rapidly growing and with that growth comes a complex risk exposure that…

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Assaf Wand, Hippo Co-founder and CEO

Spinnaker Insurance Company, Owned By HIPPO, Names Risk Veteran Torben Ostergaard as CEO

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By on news

Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company, wholly owned by Hippo Enterprises Inc., today announced the appointment of Torben Ostergaard as its new president and chief executive officer. Ostergaard joins Spinnaker after more than a decade in c-suite roles at insurance and financial services firm USAA. Dave Ingrey, who previously held the CEO position, will transition to chief operating officer and continue to play an integral role in shaping Spinnaker’s future. Most recently a Fortune 100 executive, Ostergaard brings 25 years’ experience as a risk officer…

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OpenLegacy Sees Strong Momentum in Global Banking Sector

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By on Systems

OpenLegacy, which instantly transforms monolithic legacy applications into cloud-native building blocks, has announced significant momentum in the global banking sector. Financial institutions including Citibanamex, Banca Popolare di Sondrio, Banorte, Bank Hapoalim, Bank Leumi and Security Bank are using OpenLegacy to digitally transform legacy systems and step into a new era of innovation. “Our world-class roster of global banks and financial institutions demonstrates the hunger for a new approach to legacy integration,” said OpenLegacy Co-Founder and CEO Romi Stein. “Monolithic systems like mainframes weren’t built to support digital innovation, but with OpenLegacy, generating microservice-ready APIs from core applications becomes a non-issue.…

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HALF TIME EVENT OF THE ISRAELI INSURTECH ACCELERATOR HELD WITH HIPPO FOUNDER ASSAF WAND PARTICIPATING

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By on news

Israel’s international insurtech accelerator, established by Ayalon in collaboration with Insurtech Israel and BrokerTech Ventures held its half-time event last week. Insurtech Israel CEO Kobi Bendalek thanked all of the startups and partners. The event started with a series of interviews with the accelerator’s three business partners: Alex Zuckerman from Sapiens, Yinon Dolev from Sompo and Michael Byrne from McDermott Will and Emry. This was followed by a questions and answers session with Assaf Wand – CEO and founder of Hippo, one of the key influential people in the sector. Bendalek thanked Wand for his investment and support in developing…

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IDI LAUNCHES DIRECT SOS SENSOR DEVELOPED BY ISRAELY STARTUP goMD

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By on P&C, Systems

Direct Insurance has launched the Direct SOS sensor which identifies road accidents in real time. The sensor identifies and analyzes road accident data in real time, these being sent automatically to the company. The sensor is able to give a good approximate estimate of the damage to the vehicle, the area of damage and its severity, and where there are injured parties the area of bodily injury and the severity of the injury. If there are bodily injuries, the sensor broadcasts directly to the MDA emergency ambulance service, which sends an ambulance to the accident scene. The data sent by…

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The Insurance Protection Gap: What is it and how does it affect the insurance industry and our quality of life?

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By on Articles, news, P&C

By Rita Baal-Taxa VP Strategy & Partnerships, Vesttoo The insurance industry has been developing fast in the past few years. Companies have been focused on growth and increasing their Gross Written Premiums (GWP), but are facing increasing challenges such as tough competition, a low interest rate environment, growing customer expectations and regulatory scrutiny. New Insurtech players are entering the market, offering innovative services and cutting edge digital tools in order to overcome these challenges. These new tools and services fall into three main categories: An easy, intuitive and user-friendly purchase process from the initial offering until…

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