Israeli, Japanese insurance companies collaborate, open innovation hub – The Jerusalem Post

A portmanteau of the words “insurance” and “technology,” insurtech refers to the use of technological tools designed to utilize efficiency and earnings from existing models that make up an insurance industry. 

The two companies will establish what has been defined as The HUB, soon to be renamed GDH TLV to align itself with sister hubs in Tokyo and Singapore, purposed with the task of developing new products and solutions that will serve insurance industries in both countries. 

Specifically, It will focus on finding and fostering startups that help the direct and digital insurance sector, according to CTech. 

The new center in Israel will be established in Petah Tikva and will be managed by Raz Bartov, IDI’s VP Technology and Innovation. 

“We want to work on improving the customer journey, the issue of underwriting, claim-handling, and operational efficiency,” Bartov told CTech when discussing the potential solutions fostered in The HUB which relate to insurance. “The tech is relevant to AI, machine learning, and data in general. (There’s also) fraud detection, cybersecurity, process automation… and something to do with connected cars in the future,” he later teased.

Five Japanese staff members are expected to join the Israeli-based team as soon as coronavirus travel restrictions allow it. Their job will be to provide the center with its technological infrastructure and marketing channels inside and outside of Japan, while the Israeli team from IDI will assist the Japanese company with “knowledge, experience and connections” on the ground.

“The collaboration with the MSI Group is strategic, since it regularizes the processes of identification, channels it into an orderly path, and increases the chances of finding solutions which will enable us to develop competitive advantages,” Kobi Haber, CEO of IDI, said in a statement. “MSI is one of Japan’s leading groups and we feel honored to cooperate with them. This collaboration will bring added value to the Groups’ business,” he added.

Shinichiro Funabiki, Director, CDO, Executive Vice President of MSI, said that the company has “been aggressively developing [its] digitalization globally as well as in Japan,” adding that “Israel is one of the centers of innovation in the world” and that “IDI is the most valuable partner to enable us to prove the effectiveness of the latest digital technology and implement it into our group’s operation in a very efficient manner.”