ITI: Why is now an exciting time to be a rising insurtech?
Eliron: The insurance industry is undergoing fundamental changes to the way people buy and use products. One of the strongest trends is to digitise as much as possible, including claim processes, using rich data and artificial intelligence. We’re proud to be part of this journey, as our technology allows people to settle claims much more quickly and removes risks from the books, as well as enabling superior customer experience.
ITI: What has been the highlight of your career to date?
Eliron: Leading Ravin from an idea on a white board into a multi-million dollar business has definitely been the highlight of my career so far. We have reached clients who wish to digitise their business and have grown the team to over 50 people worldwide. Most importantly, it’s about improving customers’ lives, so every time we get positive feedback from a user, it’s extremely rewarding.
Ravin AI was recently featured as part of our Future50 Europe. See the other 49 insurtech unicorns of the future here.
ITI: If you could meet yourself on the day you started your business, what would you tell yourself?
Eliron: Take a long term view. I was too modest in my ambitions on day one, and I think this made us take more conservative actions. In hindsight, sometimes the more risks you take, the further you go.
ITI: Name one mistake that you have made, and what you learned from it.
Eliron: We took a few early customer commitments that were not exactly a great fit with our strategy, and it took a long time to either service them, or let them go. This can be a time consuming effort, and I advise every new entrepreneur to have a clear strategy and stick to it as much as possible.
ITI: What problem did you see in the market that led you to create Ravin?
Eliron: It feels that the insurance business, and actually automotive in general, suffers from a lack of transparency. You always have a bit of a sour taste when filing a claim or sending your car for repair. We wanted technology to create transparency wherever vehicles change hands.
