Webinar: InsurTech Israel: Leading D&A on the Global Stage

InsurTech Israel: Leading D&A on the
Global Stage
22nd April 2021

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Disclaimer
Presentations are intended for educational purposes only and do not replace independent
professional judgment. Statements of facts and opinions expressed are those of the
participants individually and, unless expressly stated otherwise, are neither the opinion nor
position of The Digital Insurer. The Digital Insurer do not endorse or approve, and assume
no responsibility for, the content, accuracy or completeness of the information presented.

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Working together to accelerate the digital transformation of insurance
Key Questions

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Today’s Panellists

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Discussion Agenda
90
Minutes
Opening remarks
InsurTech landscape & launch of Israel InsurTech map
Why Israel excels in D&A
Insurtech pitches x 3
Panel discussion including Q&A
TDI updates & wrap up

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How to participate:
If you have a question please type into the Q&A area
If you have a comment please type into the chat area
Session format:
The moderator will use a combination of their own questions and those from the
audience
How to participate

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Global Trends & Perspective
1. Pace is picking up - change is urgent
2. InsurTech enabling 2 levels of change - VCI and NDBM
3. It’s OMNI – not “Digital-only” vs “face-to-face”
4. Risk reduction through tech
5. Ecosystem impacts – new channel + new products.
Embedded insurance
Value Chain
Innovations
New Digital
Business
Models
M
ic
ro
in
su
ra
nc
e
P
2
P
&
C
o
m
m
u
n
i
t
y
Health &
W
ellness
Eco-systems
On Demand
Direct
C
o
m
m
e
r
c
i
a
l
P
l
a
t
f
o
r
m
s
C
o
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p
a
ri
so
n
S
it
e
s
Cla
im
s
M
an
ag
em
en
t
S
a
l
e
s
&
A
d
v
i
c
e
M
arketing &
Client Engt
Data &
Analytics
Process
Automation
Underwriting
&
Risk M
gt
P
r
o
d
u
c
t
D
e
v
e
l
o
p
m
e
n
t
A
d
m
in
is
tr
at
io
n
Sy
st
e
m
s
Improving
Today
Reinventing
Tomorrow
1
2 3
4 5

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Opening Remarks
Kobi Bendelak
CEO, Insurtech Israel

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Launch of Dynamic Israel InsurTech Map
https://www.the-digital-insurer.com/dynamic-insurtech-maps/israel/

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Alex Zukerman
CMO & Chief Strategy Officer, Sapiens

E&Y, Overview of the high-tech industry in Israel, 2014

2020 in Logos and Figures:
Israel’s startup culture is booming with
successful big data startups catering to the
analytics needs of businesses
Israel ranks among the top 5 countries in the
world for AI solutions

2020 in Logos and Figures:
Israel’s startup culture is booming with
successful big data startups catering to the
analytics needs of businesses
Israel ranks among the top 5 countries in the
world for AI solutions
Focus on Data,
Analytics, Cyber,
AI
IP & Tech driven,
less
manufacturing
Historical
experience in
analytics
Entrepreneurs
’ DNA
Cross Industry
TAM

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Amit Harel
Partner, Co-leader, Deloitte Catalyst

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InsurTech Pitch
Efrat Sagi-Ofir
COO, Air Doctor

Reinventing the Medical
Experience
Air Doctor Confidential 16

What Air Doctor is all About
A digital platform that provides a
global medical network of physicians
and makes it accessible to any
traveler, anywhere.
Especially important in the covid-19
pandemic environment.

For the Traveler/Expat
• Easily book
• Search by specialty, language
• Home, clinic and telemedicine
For Doctors
• Reach private patients
• Maximize earnings
• Build online presence
For Insurers
• A digital customer journey
• Access to vetted network of doctors
• Shift from hospitals to community
care
Our Solution
Complementary to existing solutions/assistance company
Adding value to the whole traveler ecosystem:

Israel
Thailand
Australia
Mexico
Russia
Georgia
Singapore
Vietnam
India
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Phillipines
Peru
New Zealand
Argentina
Cambodia
Costa Rica
Colombia
Nepal
Alaska
Japan
Turkey
Egypt
USA
Cyprus
Worldwide Air Doctor Network Coverage
All doctors are qualified by Air Doctor
Cumulative summary:
• 2017 – 2 countries
• 2020 till today – 58 countries
App & Customer Support
Languages:
• Chinese
• English
• Spanish
• German
• Q1’21 focus is to recruit
more doctors in Asia
Eastern
Europe
Western Europe
China

SELECT A SPECIALTY SELECT A DOCTOR SELECT LOCATION AND TIME
How it Works

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InsurTech Pitch
Romi Stein
CEO & Co-Founder, OpenLegacy

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The Fastest
Path to A
Composable
Insurer
Instantly transforming monolithic legacy applications into
cloud-native building blocks

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For clients and for partners
The missing piece for digital transformation & integration

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COVID-19 Impact on Digital Business Initiatives
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Source: Gartner View from the Board of Directors 2021; 002. What kind of impact do disruptions caused by COVID-19 have on your organization’s digital business
initiatives? N-260, All Respondents, Excluding Don’t know, Multiple responses allowed © 2020 Gartner, Inc. and/or its affiliates. All rights reserved.
39%
Transform
Business
Model
48%
Increase
Investment
50%
Cost
Optimization
60%
Operational
Excellence
69%
Acceleration

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“By 2023, organizations that have
adopted an intelligent composable
approach will outpace their
competition by 80%”
… adapts at the pace of business change by
rapidly assembling application building
blocks to deliver business outcomes.
The Composable Insurer
Gartner’s Reference Model to Deliver Intelligent
Composable Business Applications, Oct 14, 2020
25

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Legacy Integration is Not Agile and Involves 8+ Teams
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To be used for digital
channels, digital services
must pass through these
complex layers,
negatively impacting API
speed & performance.
Layers of ESB/SOA add
complexity, requiring
more people and specific
skillsets.
Legacy systems of all
types require special
skills and have a
dwindling workforce.
Applications Mainframes Databases Monolithic Systems
Messaging
Orchestration Flows
Brokering
Data Validation Mapping Data Validation Mapping Data Validation Mapping
JSON Modeling and Validations
API Authorizations API Access CTL API Management
API Gateway
Proprietary Connector Proprietary Connector Proprietary Connector
Facade Facade Facade
Digital
Services
ESB/SOA
Middlewa
re
Core
Systems
A
B
Web Mobile Apps API Cloud Serverless

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Auto-Generate Cloud APIs 10X Faster
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Applications Mainframes Databases Monolithic Systems
Apps &
Services
ESB/SOA
Middlewa
re
Core
Systems
B
A
10x
faster API
creation
75%
Lower total cost of
ownership
5x
better API
performance
Auto-Generated, Microservice-based APIs
Legacy Connectors > API Creation > API Enhancement > API Testing > API Deployment
Web Mobile Apps API Cloud Serverless

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• Multiple Legacy Systems Silos
• Slow roll-out of new functionality
• Heavy Integration Tax through
Middleware
• Waterfall processes taking months
Composability in Action: Ayalon Insurance
After OpenLegacy
•Moved to DevOps
•Implemented Mobile-First Strategy
•Shortened Policy Entry from 4 months to 5 minutes
•Saved 1 Man year in producing 100 APIs in 2 months
•Decreased Manual Touchpoints- Throughput Up by 90%
Technical
Enablers
•CI/CD chain with OL fully
integrated
•All composition APIs
based on OpenLegacy
•Single Front End to
Represent multiple
backends
•Fully Agile and DevOps
enabled
Before OpenLegacy
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New digital
product offerings
Regulatory compliance
(GDPR)
Improved
customer
personalization
through machine
learning & AI
Improved customer
experience & streamlined
workflows (KYC)
Agent
Optimization
Five Star Mobile Experience Partner Lead Differentiation
What Will You Compose?
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InsurTech Pitch
Jake Levant
VP of Marketing, Lightico

Hello The Digital Insurer!
Digitally Transform End-to-end Customer Journeys
Jake Levant

Key Discussion Vectors
End-to-End Digital Value
Light touch – Leverage Existing Investments
Easily Deployed - SaaS
Fast time to Value

Customer Experience Must Be Digital
Expect to complete processes
instantly, anywhere
Today’s Customers
Aren’t equipped to
deliver that experience
Today’s Agents
Sign Pay
Consent Share
Fill Verify Collect

Even Digital Experiences are Siloed
eSignature eForms ID Verification Document
Collection
Digital
Consent
& Approvals
Secure
Payments
Media
Sharing
Paper signatures
Legacy
solutions
Paper forms Face to face Branches, fax Scripts Cash payments Retail branches
Siloed
digital
solutions
Websites
Sign Pay
Consent Share
Fill Verify Collect

Create Incomplete, Painful Journeys
Sign Consent Share
Verify Pay
Fill Collect
Call Call Print Email
Web Web Scan
$

Create Incomplete, Painful Journeys
Call Call Print Email
Web Web Scan
$

Need to Digitally Complete Journeys
$

Optimize Business Results with Automated Workflows

Lightico Helps Insurers Improve These KPIs
Turnaround Times
(TAT)
Average Time to
Settle a Claim
Completion
Rates
Cost of Compliance
First Call Resolution
(FCR)
Call Handle Times
(AHT)
Customer Loyalty
(NPS)
Customer Touchpoints
per Policy
Abandon
Rate

Business Impact
60%
Reduced
Touchpoints Per
Policy
Touchpoints Per Policy in Life Insurance
10
4
85% Lower Average
Time to Settle
Average Time to Settle a Claim in Car Insurance
1 day
1 week
15 Higher
NPS
Points
Customer loyalty improvement in a leading Health Insurance Provider
75
60

Discussion
Experience it end-to-end digital
https://bit.ly/3siGbGe
Jake@lightico.com

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Poll 1 – What do you think?
Q. If you would like more information from the InsurTech’s
please indicate here.
Response options
a) Air Doctor
b) OpenLegacy
c) Lightico
d) Not at the moment

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Time to talk

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Poll 2 – What do you think?
Q. What world ranking do you think Israel will hold in 3 years from
now when it comes to D&A capabilities in insurance?
Response options
a) Number 1
b) Top 10
c) Undifferentiated

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Poll 3 – What do you think
What do you expect to
be the top 3 hottest
areas for InsurTech
Value Chain Innovations
over next 3 years?

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Poll 3 – What do you think
Q. What do you expect to be the Top 3 hottest areas for InsurTech Value
Chain Innovations over next 3 years?
Response options
Value Chain Innovations:
a) Admin
b) Analytics
c) Claims
d) Customer Experience
e) Marketing
f) Process Automation
g) Product Development
h) Risk Assessment
i) Sales
j) Underwriting

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Time to talk

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https://www.the-digital-insurer.com/search-insurtech-directory/#
Working Together to Accelerate the Digital Transformation of Insurance
INSURTECH DIRECTORY

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https://www.the-digital-insurer.com/search-insurtech-directory/#
INSURTECH DIRECTORY

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Users are able to click through map logos to access digital booths on ITD
https://www.the-digital-insurer.com/dynamic-insurtech-maps/
Hong Kong’s Dynamic InsurTech Map IT’S DYNAMIC - CLICK AWAY!
Value Chain Innovations New Digital Business Models
InsurTech Supporters
Learning
Ecosystems
Comparison Sites
Source: FTAHK & TDI Analysis using TDI InsurTech Directory. Disclaimer : Not claiming to be exhaustive and may include InsurTechs that are no longer active. Please let us know if you think we need to make a change.
Sales
Industry / Govt Bodies
P2P & Community
Financing Hubs & Events
Underwriting & Risk Mgt
Administration / Systems
Analytics
Product Development Health & Wellness Commercial Platforms
Direct
Q3 2020
Marketing
MicroInsurance Risk Assessment

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Dynamic InsurTech Maps
More launching soon!
https://www.the-digital-insurer.com/dynamic-insurtech-maps/

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InsurTech Analysis – deeper dive
TDI Academy – learning for the digital age
https://www.the-digital-insurer.com/dia/

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Poll 4 - Do you want to volunteer?
Would you like to volunteer to help to analyse InsurTechs
and improve InsurTech maps?
Response options
1. Yes, I’m interested
2. Possibly, please send me more information
3. Not at the moment

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TDI 2021 Insurer & InsurTech Innovation awards
https://www.the-digital-insurer.com/event/2021-insurer-insurtech-innovation-award-finals/
16th June
3:00 -5:15pm

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www.the-digital-insurer.com
TDI Academy – virtual L&D platform on digital insurance
Digital insurance L&D Platform
Virtual
On-Demand
Preferential
Membership Certificate Mini-MBA
TDI PRIME – affordable annual membership – bring digital insurance to all your team
TDI Academy programmes

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TDI Academy – virtual L&D platform on digital insurance
Common Core Curriculum
of 56 hours
Interactive: Click on lesson title to get more info
7 x 8 one-hour lessons On-demand 24x7 MCQs for each Range of Industry Experts
= Participant rating (out of 10)
8.6
https://www.the-digital-insurer.com/tdi-academy/prime-lessons/
1. OUR CHANGING
WORLD
2. TECH ENABLERS
3. DATA &
ANALYTICS
4. VALUE CHAIN
INNOVATIONS
5. NEW DIGITAL
BUSINESS
MODELS
1.1 4th Industrial
Revolution
1.2 Our Connected
World
1.3 Power
of Social
1.4 Changing
Consumer
Behavior
1.5 More Change
Coming
1.6 Why Data
is King
1.7 Cloud
Crushes Costs
1.8 Insurance
Re-booted
2.1 Tech Trends in
Insurance
2.2 AI, Machine
Learning & RPA
2.3 Blockchain
2.4 IoT
2.5 Chat &
Voice
2.6 Immersive
Technologies
2.7 APIs &
Microservices
2.8 Tech Architecture
Best Practices
3.1 The Power
of Data
3.2 Python
Basics
3.3 Python
Intermediate
3.4 Data Visualization
& Example Tools
3.5 Machine Learning
3.6 D&A Use Cases
- P&C
3.7 D&A Use Cases
- Life & Health
3.8 Predictive
Modelling
4.1 Sales Tools for
insurance Agents
4.2 Underwriting
- Life & Health
4.3 Underwriting
- P&C
4.4 Product
Development
4.5 Service &
Administration
4.6 Claims
- Life & Health
4.7 Claims - P&C
4.8 Implementing
Value Chain
Innovations
5.1 Platforms &
Ecosystems
5.2 Microinsurance
5.3 On-demand
Insurance
5.4 Comparison
Sites
5.5 Peer-to-peer
& Community
5.6 Health &
Wellness
5.7 Commercial
5.8 Building New
Digital Business
Models
6. MARKETING &
CUSTOMER
EXPERIENCE
7. STRATEGY &
TRANSFORMATION
6.1 Data-led
Marketing
6.2 Direct Digital
Marketing
6.3 Digital Marketing
for Advisors
(O2O)
6.4 Power of
Content
6.5 Omni Sales
& Servicing
6.6 Customer
Lifetime Value &
Customer Advocacy
6.7 Customer
Experience
6.8 Out-of-industry
Use Cases
7.1 Why Strategy
Beats Execution
7.2 Regulations &
Ethics in a Digital
World
7.3 Transforming
the Old vs
Building the New
7.4 Partnership in
a Digital World
7.5 Change
Management as a
Discipline
7.6 Agile & Lean
Basics
7.7 Cultural Change
for a Digital World
7.8 How to Succeed
When Most
Transformation Fail
8.3
8.5
8.3
8.7
8.5
8.7
8.2
8.6
8.3
8.8
8.6
8.6
8.7
8.4
8.3
8.3
8.5
8.7
8.5
8.7
8.4
8.3
8.6
8.5
8.7
8.6
8.3
8.7
8.5
8.7
8.5
8.9
8.7
8.6
8.8
8.7
8.5
8.5
8.3
8.7
8.6
8.6
8.5
8.6
8.4
8.9
8.7
8.7
8.9
8.4
8.6
8.5
8.7
8.5
8.7
9.0

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Poll
Q. How interested are you in virtual learning & development programs
on digital insurance?
Response options:
1. Yes - for me & my company
2. Yes - for me
3. Yes - for my company
4. No - I think we know enough in this space
Poll 5 – Interest in TDI Academy

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Poll
Next TDI Webinar coming up
https://www.the-digital-insurer.com/event/2021-insurer-
insurtech-innovation-award-finals/
TDI Insurer & InsurTech
Innovation Awards
16th June
3-5pm SG/HK

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Poll
TDI Webinars – Now available on-demand
https://www.the-digital-insurer.com/events/
Partnering for
success in a digital
world
L&D in a Digital
Age
Insights to Solutions
Digital Underwriting
Partnering for
success in a digital
world
Talking Insurance
Tech
Omni Advisor – The
Future of Agency

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Feedback please!
Three ways
 At end of webinar using survey
 When you receive the recording link
 To TDI individually

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Contact Details
TDI Academy – learning for the digital age
Hugh Terry hugh.terry@the-digital-insurer.com
Simon Phipps simon.Phipps@the-digital-insurer.com
Kobi Bendelak kobi@insurtechil.com
Romi Stein romi.s@openlegacy.com
Jake Levant jake@lightico.com
Alex Zukerman alex.zukerman@sapiens.com
Efrat Sagi-Ofir Efrat.so@air-dr.com
Amit Harel aharel@deloitte.co.il

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Thanks for your time!
(feedback please) InsurTech Israel: Leading D&A
on the Global Stage
22nd April 2021

Webinar: InsurTech Israel: Leading D&A on the Global Stage

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