The news comes despite conflict in the region, as business leaders focus once more on commercial growth following the recent disruptions and declaration of war by Israel, as a result of the brutal terrorist attacks perpetrated by Hamas.
The Israeli Insurtech Accelerator has released its latest report, shedding light on the accomplishments achieved since the programme was launched 2.5 years ago. So far, there have been five cohorts that have guided Israeli insurtech startups and resulted in a considerable impact on the insurance technology sector.
Israel plays a significant role in the global Insurtech scene. Originating from Tel Aviv’s thriving fintech culture in the broader context of a tech startup ecosystem, Israeli InsurTech has given rise to at least six unicorn companies, including Lemonade, Hippo, Next Insurance, At Bay, Earnix, and Vestoo. Additionally, there’s another insurance technology player, Sapiens, which predates the mentioned unicorn cohort but holds a comparable valuation.
Speaking about the programme, Kobi Bendelak, CEO of Insurtech Israel and The Israeli InsurTech Accelerator, said: “We are extremely proud of the achievements of our startups and the continuous growth of the insurtech sector and the Israeli Insurtech ecosystem.”
He continued: “These exceptional results validate the effectiveness of our accelerator program and underscore the vital role that insurtech startups play in driving innovation in the insurance industry, while working to identify risks earlier and lower costs faster for our clients. As The Israeli InsurTech Accelerator continues to advance the insurtech landscape, the program remains dedicated to nurturing the next generation of insurtech leaders and driving continued success in the insurance technology sector.”
Key highlights from The Israeli InsurTech Accelerator programme include:
Continued Success: Out of 25 graduates, 21 companies have a combined value nearing US$750 million as entrepreneurs continue to attract investment.
Funding Milestones: Israeli InsurTech Accelerator startups have raised over US$100 million in the last year and a half and have signed more than 30 significant deals, establishing Israel as a leading hub in the global insurtech landscape with close to 200 active insurtech startups.
Extraordinary Growth: On average, startups that have completed The Israeli InsurTech Accelerator programme have seen their valuation double since joining, demonstrating the program’s effectiveness in fostering rapid growth and development in the insurtech sector.
Partner Collaboration: In 2023, more than 10 international and local insurance companies, technology firms, and investment funds have joined as business partners, indicating the high level of trust in the Israeli startups and our activities.
Mentorship: Over the past 18 months, over 25 of the world’s leading mentors, senior managers from the world of international insurance, technologists, regulators, senior academics and investment fund managers who support the insurance sector have joined our ranks.
“The Israeli InsurTech Accelerator’s commitment to fostering innovation and collaboration in insurance technology has strengthened its reputation as a leading force in the insurtech ecosystem,” said Dan Keough Chairman & CEO of Holmes Murphy and Co-CEO of BrokerTech Ventures, and a representative from ITI’s partner organisation. “We are proud of our relationship with Insurtech Israel and the Israeli insurtech industry.”
“We are proud to be closely collaborating with Israeli InsurTech Accelerator since its inception” said Alex Zukerman, Chief Strategy Officer at Sapiens.
He added: “This provides us with a close view on the innovative and disruptive ideas in the InsurTech arena in early stages, allows us to benefit from the exchange of great ideas and thoughts with great innovative minds, and share our vast industry and tech experience and know-how with a larger group of incredible entrepreneurs “
Author: Joanna England
