From July 7 to 9, 2018, we traveled to Tel Aviv together with some InsurLab Germany members to get to know the Israeli startup ecosystem and to meet with our partners SOSA & FinTLV to discuss the development of the industry. Dr. Christopher Lohmann, Chairman of the Executive Board of Gothaer General AG, tells us today about his experiences.
For the second time, an InsurLab Germany delegation made its way to Tel Aviv to immerse itself in Israel's startup scene, follow technological trends and learn about exciting new business approaches. Five companies were at the start, insurers as well as service providers - from software architects to innovation managers to CEOs.
What awaited us after a long journey, besides the hot and humid temperatures of Tel Aviv in July, were 15 almost consistently first-class presentations, some still young, some already developed startups from Israel. As in 2018, the venue was the rooms of SOSA & FinTLV. Among other things, they offer a kind of coworking & scouting space where established and young companies come together with the aim of promoting cooperation and financing and developing new business ideas. MunichRe (among others) is always sitting there. We as Gothaer come once a year.
SOSA & FinTLV are an integral part of the digital ecosystem in Israel; the visible success of the approach recently resulted in SOSA is setting up a largely analog concept in the Big Apple on behalf of the city of New York. As one hears, the step to Germany is also imminent. It is obvious that Sebastian Pitzler & Co had a good nose when choosing these partners in Tel Aviv, bringing the innovative power and speed of Israel to the Rhine. A real plus for InsurLab. We are curious to see how this will develop further.
There is not enough space here to present all 15 startups that we were able to experience. And quite honestly, everyone should develop their own curiosity, set out, experience the atmosphere of departure and be amazed. Nevertheless, perhaps as an appetizer: What could be discovered on this Innovation Journey to Israel?
1. new business ideas from startups that are looking for suitable partners on the part of insurers to enter the German market.
What we found particularly exciting in this block Voom - the on-demand, telematics-based insurance for (among other things) e-scooters. A good idea and great technology for vehicles that are (finally!) also registered in Germany. A convincing answer to the "micro-mobility" megatrend, which is already much more present in Israel than in Germany. E-scooters have become an integral part of Tel Aviv's cityscape.
2. exciting and very tangible approaches,...
- ...to make existing products more attractive
- ...to complement classic risk transfer with suitable services
- ...to take concrete steps on the path "From Payer to Partner„
- …to work on the first real ecosystems.
Unsurprisingly, due to the security situation that every traveler to Israel is aware of, cyber security was and still is a particularly important topic. For the security of our IT as well as for the further development of cyber products much added value.
3. and especially important: a variety of highly developed IT tools to improve the "Delivery & Operating Model" of insurers.
The aim is to increase convenience at the customer interface. The goal is to use data-driven approaches to further develop marketing, the website, or even entire customer journeys in such a way that they are comparable to the customer experience at x tech companies. In addition, the focus is on approaches that help insurers cope with the legacy of their legacy systems. The focus is also on intelligent linking of systems and data transfer, as well as state-of-the-art automation tools for powerful and custom-fit software robots. The startups for this came off particularly well in the conclusion.
I found the overall mix of startups and presentations very appealing. There was a good breadth with good hands in the selection of pitches, and the format - round table, 45 to 60 minutes of presentation and discussion - provided a good framework for contributions and exchange with real depth. A plus: the startups presented were mature and well developed. Presenters were very good at presenting their case and defending it in discussions. (I have experienced that quite differently).
Beyond everything professionally inspiring, it was also a personally pleasant trip and that despite the not inconsiderable hardships with long flight, complex entry and tropical temperatures. Israel in July is not a good idea. This was more than compensated by the great support from the colleagues of InsurLab Germany (Sebastian Pitzler, Herbert Jansky and Nia Escobar) and the cooperation partners of SOSA (Sabrina Kestenbaum) and FinTLV (Gil Arazi). Over the past few years, a solid basis for a trusting cooperation has been created and is being lived.
A personal insight in conclusion: In his introductory talk, Gil placed the development of Israel's ecosystem in the context of the country's strategic location and development. Israel has no mineral resources. Tel Aviv was built in 1909 into the desert, literally on sand. The art of the can often lies in the will. Israel has set out, developed innovative ideas and exported them. 8,300 startups, strong international ties, 4.5 percent of the domestic product in research & development. Facts and a clear language for: Technology was & Technology is the answer. For Israel then and today. And also for us.