Hibob teams with UK insurance co Aviva

Fintech Photo: Photos to go
Fintech Photo: Photos to go

The company is developing a platform that enables employees to select an insurance policy in 15 minutes without an agent.

Israeli startup Hibob has landed a major contract with UK insurance giant Aviva, whose market cap is $20 billion. The Israeli company is developing a platform for managing human resources and insurance designed for small and medium-sized businesses. The deal is likely to amount to several million pounds sterling.

The UK pension system is currently undergoing a revolution, at the end of which, by the end of 2019, all employers will be required to offer their employees a pension plan. Hibob's platform handles various business aspects, such as vacations, layoffs, etc. The information provided by the system helps employees do without the services of an insurance agent and choose a cheap insurance policy within 15 minutes.

Founded in 2015 by CEO Ronni Zehavi, CTO Israel David, and CPO Amit Knaani, Hibob has raised $7.5 million to date from Bessemer Venture Partners. The company has 35 employees: 25 in Israel and the rest in London. Former UK Pension Protection Fund chairperson Barbara Judge is chairperson of Hibob.

Zehavi said today, "Aviva is one of the world's leading insurance companies. To our delight, we have encountered professional team eager for innovation. This is an important milestone for us, and we're excited about having the privilege to work together and provide innovative solutions that enhance employers' efficiency."

Aviva MD business solutions Andy Beswick said, "This cooperation is a reflection of the company's digital strategy, in which we have allowed digital partners to integrate with our system in order to enable small and medium-sized businesses to simplify the establishment of a pension plan for their employees as much as possible."

Beswick added that he was "excited about the having the privilege to work with a startup that is changing the way small businesses are managing their human resources and the world of insurance. Aviva and Hibob share a vision of reducing the administrative complications involved in these processes, so that these business owners can concentrate on their business. We eagerly anticipate continued partnership, so that we can extend it to other areas of insurance, and to other countries."

Published by Globes [online], Israel Business News - www.globes-online.com - on March 5, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Fintech Photo: Photos to go
Fintech Photo: Photos to go
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