Jerusalem Venture Partners (JVP) and AXA Strategic Ventures have launched the InsurTech Israel Competition, the first-of-its-kind contest in Israel for insurance technology startups.
The aim of the competition is to discover groundbreaking InsurTech companies. The competition is open to early-stage startups with insurance related technologies in big data and analytics, risk management, customer engagement/management, IoT and wearables, blockchain, cyber-security and health IT
The competition is led by JVP, AXA Strategic Ventures and Kamet, in collaboration with Deloitte, Earnix, Herzog Fox & Neeman and Start-Up Nation Central.
The winner will secure a spot in JVP's early-stage portfolio with a $1 million investment, access to AXA Insurance Group, including a potential investment from AXA Strategic Ventures and the possibility to join Kamet's program. Participants will be provided with an opportunity to gain significant exposure to market leaders, connect with potential investors, secure design partners and open potential marketing channels.
“The insurance industry is ripe for disruption through the introduction of new technologies and innovative business models,” said JVP Managing Partner Gadi Tirosh. “Our strategic partnership with a global player like AXA will give Israeli startups the opportunity to validate their innovative products in dialog with incumbent industry leaders.”
"We are proud to lead together with JVP and Kamet the first InsurTech competition in Israel. At AXA Strategic Ventures, we are investing in startups with a relevant technology that will transform insurance and asset-management. Israel is in this respect a promising innovation ecosystem and we are convinced that with this competition, we will be able to identify and work closely with talented entrepreneurs that will reinvent the future of our industry," commented AXA Strategic Ventures Managing Partner Francois Robinet.
“We at Kamet are constantly looking for great teams, great ideas and great technologies that can expand the reach of insurance, protection and assistance or disrupt the industry. We know of the vitality of the Israeli innovation platform. We could not dream of a better move for us than partnering with JVP and ASV in this competition,” said Kamet Executive Partner Michael Niddam.
According to Deloitte Israel, global insurance is a $4.8 trillion industry. In 2015, $1.4 billion was invested in InsurTech companies. The first quarter of 2016 alone broke records with 45 new deals worth a total of $650 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016