Saturday, June 22, 2024

Israeli InsurTech Accelerator reports on remarkable results with a renewed focus on growth

InsurTech Israel is pleased to announce the exceptional accomplishments of the Israeli InsurTech Accelerator program, which has been driving innovation and growth within the burgeoning Israeli start-up industry. With an impressive track record spanning 2.5 years, the program has contributed significantly to the evolving landscape of InsurTech in Israel.

The recently released report by the Israeli InsurTech Accelerator showcases the remarkable strides achieved since its inception, with five cohorts of Israeli InsurTech start-ups that have made a substantial impact on the insurance technology sector.

Israel has become a prominent figure in the global InsurTech arena, with Tel Aviv’s vibrant FinTech ecosystem serving as the cradle for ground-breaking start-ups. Israel boasts no less than six unicorn companies, including Lemonade, Hippo, Next Insurance, At Bay, Earnix, and Vestoo.

Additionally, the industry is marked by Sapiens, an insurance technology player that predates the unicorn cohort but holds a comparable valuation.

Kobi Bendelak, CEO of Insurtech Israel and The Israeli InsurTech Accelerator, shared his thoughts on the program’s success: “We are extremely proud of the achievements of our start-ups and the continuous growth of the InsurTech sector and the Israeli InsurTech ecosystem. These exceptional results validate the effectiveness of our Accelerator program and underscore the vital role that InsurTech start-ups play in driving innovation in the insurance industry.

“As The Israeli InsurTech Accelerator continues to shape the InsurTech landscape, the program remains dedicated to nurturing the next generation of InsurTech leaders and ensuring continued success in the insurance technology sector.”

Key highlights from The Israeli InsurTech Accelerator program:

  • Continued success: Out of 25 graduates, 21 companies have achieved a combined value approaching US$750 million as entrepreneurs continue to attract investments.
  • Funding milestones: Israeli InsurTech Accelerator start-ups have raised over US$100 million in the last year and a half and have inked more than 30 significant deals, solidifying Israel’s position as a leading hub in the global InsurTech landscape, home to nearly 200 active InsurTech start-ups.
  • Extraordinary growth: On average, start-ups completing The Israeli InsurTech Accelerator program have witnessed their valuations double since joining, demonstrating the program’s efficacy 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, underscoring the high level of trust in Israeli start-ups and our activities.
  • Mentorship: Over the past 18 months, more than 25 of the world’s leading mentors, senior managers from the global insurance industry, technologists, regulators, senior academics, and investment fund managers have joined our ranks.

Dan Keough, Chairman & CEO of Holmes Murphy and Co-CEO of BrokerTech Ventures, praised The Israeli InsurTech Accelerator’s commitment to fostering innovation and collaboration in insurance technology, affirming its status as a leading force in the insurtech ecosystem: “We are proud of our relationship with Insurtech Israel and the Israeli InsurTech industry.”

Alex Zukerman, Chief Strategy Officer at Sapiens, echoed the sentiment: “We have proudly collaborated with Israeli InsurTech Accelerator since its inception. This provides us with a close view of the innovative and disruptive ideas in the InsurTech arena in its early stages, allowing us to benefit from the exchange of great ideas and thoughts with brilliant innovative minds. We can share our vast industry and tech experience and know-how with a larger group of incredible entrepreneurs.”

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