Thursday, Dec 8, 2022
International Finance
Fintech

Surge in Israeli insurtech attracts global giants

insurtech, fintech, Harel, Psagot, Clal, Phoenix, Menorah, AmTrust Financial Services, Israeli market
Smart business models coupled with robust technology brings equal opportunities for insurers and startups

Leading insurance companies have recently started to explore the Israeli tech ecosystem.

New York-based multinational property and insurance company AmTrust Financial Services has partnered with three Israeli start-ups to help the company with AI-driven solutions.

Growth in insurtech industry thrives on great opportunities. The last four years has seen exponential growth in the Israeli insurtech market.

Harel, Psagot, Clal, Phoenix, and Menorah are the top five insurance companies that dominate 90% of the Israeli market. According to Haaretz, start-ups are happy to play a significant role in supporting insurance companies with sound tech developments.

The plan is to build a dynamic model which allows insurance companies and start-ups to operate and grow equally: insurers bear the risk while start-ups offer new tech products.

In 2014, 28 insurtech companies in Israel offered robust insurance technologies and sensible business models, observed Start-Up Nation Finder. In 2018, there are 66 active companies, and 90% of them have began to adopt b2b models.

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