Deep Tech can make Tel Aviv the next innovator for InsurTech!?
Whoever has been in Israel is full of enthusiasm for this city. The food, the beaches and the open and friendly people impress every visitor. But Israel is also a tiny country with an outsized impact on tech. Not only does it house as many as 3,000 tech-related startups (centred around Tel Aviv), but more than $6-billion a year flows into the country through exits (mergers, acquisitions or IPOs), according to Israel’s IVC Research Center. And so we were very impressed when we visited Tel Aviv for the Europe Days 2017. A full day conference about business & investment opportunities for Israeli tech entrepreneurs. The focus of the event is fast avowed: Get pitched by leading German and Swiss companies, gain access to investors with over €300 million in funding, meet key people of the German tech-scene and receive useful, hands on information about entering the German market.
Next to interesting presentations about the Tel Aviv startup scene in general, the deep dive topics InsurTech, IoT, Media, Web, Mobile, Industry 4.0 and Retail/FoodTech offered detailed views into the working processes of innovative Israeli companies. We also had the pleasure to participate in this great event and discuss with Svea Meier from Axa Winterthur and moderater Eugene Greenberg if InsurTech is the next disruption and what opportunities and funding possibilities exist.
Especially these deep dive discussions showed what makes the Tel Aviv startup landscape so special: their “go and do” mentality. While a lot of technology startups especially in Germany focus on using existing technology providers for their products, most Israeli companies have adopted the ambitious standard to create their own approaches to technological problems. And this kind of startups also has a name: Deep Tech Startups. Especially for InsurTech startups, this approach can lead to a very specialised yet very innovative solution in key areas like AI.
One example of this deep tech approach is the Startup getmeIns. It uses sophisticated machine learning algorithms to combat fraud for insurance companies. With their behavioural analytics in conjunction with their fraud prevention framework, they empower the users to customise their insurance coverage at the tap of a button and purchase insurance products according to their daily needs and changing lifestyles at most convenient price.
The attendance of a lot of German brands, representatives of cities and investors showed that this “go and do” approach is very important for German companies. Just to name some examples, the attendees included Rene Obermann (Managing Director Warburg Pincus International LLC), Svea Meier (Open Innovation Manager Axa Winterthur), Mirjam Eisele (Senior Manager Investor Services Invest in Bavaria) or Dr David Abraham (Head of Regional Technology Office Bosch).
This event was a great step to connect German and Israeli companies even more. Both sides can have huge benefits learning from each other. Especially the combination of the huge German insurance experience and the Israeli deep tech mentality can bring both sides a lot forward.
We are looking forward to a lot more to come!