Menorah Mivtachim Holdings Ltd. (TASE: MORA) and international insurance companies from the US, Europe, and Japan will team on scouting Israeli startups with new technology in insurance (insurtech), data, artificial intelligence (AI), cybersecurity, and customer experience, via IBM's Alpha Zone accelerator program.
The international insurance companies participating in the program alongside Menorah Mivtachim are AXA Next, the innovation accelerator of French company AXA; Allianz of Germany; US company FM Global, Dai-ichi Life of Japan, and Qualitas of Mexico.
The startups accepted into the six-month accelerator program will receive business and technology mentoring from leading mentors in the international insurance companies and from IBM's technology experts in Israel and around the world, workspace at IBM, and credit for IBM's cloud services amounting to up to $120,000 a year.
In addition, the startups will be able to carry out proof of concept, to implement their product sat the participating insurance companies, and obtain investment from these companies.
Moshe Morgenstern, deputy CEO and head of the technology division at Menorah Mivtachim, said, "I am sure that the winning combination that we have created represents a special opportunity for Israeli startups in the insurtech field. They will receive all the highly advanced tools required, the possibility of installing their technology in the business operations of insurance companies, and of investment by leading international companies."
$66 million investment in Israeli insurtech company
Last week, Tel Aviv-based Israeli insurtech company Kissterra announced an investment of $66 million in the company by the Menorah Mivtachim group. Kissterra has developed marketing software for US vehicle insurance companies that analyzes and characterizes potential customers for them. The company was founded in 2015 by Yiftah (Ifty) Kerzner, a former musician and television presenter, and Segev Shilton.
Menorah Mivtachim is one of ten financial institutions selected last September by the Innovation Authority to receive protection for their investments in technology. The institutions will invest NIS 2 billion in technology companies at the sales and growth stage, and will receive state guarantees covering 40% of the investment in the event of failure.
The scheme covers investments made within eighteen months of the announcement of the eligible institutions (that is, up to the end of the first quarter of 2022), in Israeli technology companies at the initial growth stage, managed for a period of 8.5 years.
Published by Globes, Israel business news - en.globes.co.il - on July 26, 2021
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