The Israeli InsurTech Accelerator program has reported “remarkable results” driving innovation and growth within the country’s start-up industry, InsurTech Israel has stated.
Since its inception over two years ago, the program has contributed significantly to the evolving landscape of InsurTech in Israel. The country’s capital, Tel Aviv, has become a vibrant FinTech ecosystem serving as the cradle for ground-breaking start-ups.
Israel is home to nearly 200 active InsurTech start-ups, and boasts no less than six unicorn companies. These includeLemonade, 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.
“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,” said Kobi Bendelak, CEO of Insurtech Israel and The Israeli InsurTech Accelerator.
Adding: “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 include the continued success it has delivered since its launch, with 21 companies having achieved a combined value approaching US$750 million as entrepreneurs continue to attract investments.
The start-ups have also achieved great funding milestones, having raised over US$100 million in the last year and a half and have inked more than 30 significant deals.
On average, according to InsurTech Israel, 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.
In 2023, more than ten international and local insurance companies, technology firms, and investment funds have joined as business partners, which highlights the high level of trust in Israeli start-ups, according to the announcement.
The final highlight is its mentorship, as over the past 18 months, more than 25 mentors, senior managers from the global insurance industry, technologists, regulators, senior academics, and investment fund managers have joined the program.
Alex Zukerman, Chief Strategy Officer at Sapiens, commented: “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.”
