InsurTech Israel: Kobi Bendelak is CEO and founder

InsurTech Israel supports around 200 insurance startups. Before building it up, Kobi Bendelak founded a company that became one of the leading Managing General Agents (MAG) in Israel. He sold the company to Generali Group when he was only 45 years old. His mission today is to strengthen the insurtech ecosystem in Israel.

Kobi, you served your country Israel’s military for 25 years, most recently as a commander, and also started a career in the insurance industry. What made you choose this particular industry?

It was by chance. I didn’t have any knowledge about the insurance industry before I started to be an insurance agent. One of my soldiers in the army started to learn about insurance and I asked him to join the reserve for a while. He then sent me a letter with all the details of what he is learning about the insurance and wanted me to release him from the Service. When I decided to start my new life after the army, I decided to work in the insurance industry.

What were you able to transfer from 25 years in the military to the insurance industry?

Actually, a lot of things, not so much from the professional side but from the management side. How to be an entrepreneur, how to lead your team, how to manage your schedule and agenda and how to navigate through tough times.

In the early 2000s, Generali Group made you an offer to become a partner and buy your company, Reshef Insurance Broker. Didn’t you want to “lie on your back” with all that money?

(loughing) No, In the early 2000s I sold only 50% and Generali Group asked me to stay as a leader of the company. When I was asked to sell the second 50% of the shares in 2015, I did. I was 45 when I became a retired person.

How long did it take you to get bored and what did you do next?

Only some months. I had absolutely no idea what to do with my life. At the beginning, I enjoyed my life but it got very boring very fast. I decided to look for new adventures. I told to myself to open my heart and good things woluld arrive. And this is what happened. Someday, somehow, I received an email inviting me to the insurtech meetup. I didn’t know then what that was, but I accepted and loved the idea. This is, when I started with InsurTech Israel.

How did you start investing in start-ups?

Being an insurance agent, I knew nothing about technology and the high tech scene. Some of what the people told me, I didn’t understand. I had to look it up on Wikipedia. Neither language, nor culture were familiar to me. But I understood, that the easiest way to approach the industry, was to be an investor. As such I was able to build a large network and get the trust of the people.

What do the kind of start-ups you are looking for need to bring to the table?

InsurTech Israel is not just an investment fund, there is much more, we are doing, such as consulting, doing roadshows like the one we met at in Zurich a few weeks ago. We are looking for any insurtech startups based in Israel. Right now, there are almost 200 of them, as our insurance industry is very wide and big. We’ve got Life, Cyber, Health, AI and Service Claims.

If you were to give advice to insurtechs and tech start-ups, what would you recommend to them?

My first advice would be to always keep going forward, believe in what you are doing and have a great passion. You will meet a lot of good things around the corner that you can’t see yet. In order to meet them you have to keep going forward. The second advice is to plan the first year of being an entrepreneur from two perspectives: Finance and family, because at the beginning you will need a lot of support from the family.

At the beginning of February 2024, you were in Switzerland and Germany with start-ups from the insurtech ecosystem in Israel. Was it your first time in Switzerland.

No, the second time. I like Switzerland because of the variety of people and their different languages which reminds me a bit of Israel. As I like nature very much, I also love the beautiful landscape in your country.

How successful are your roadshows?

Great question! Very much. Speaking about the last one to Switzerland and Germany it was very good for us in two perspectives: First, from the Israeli perspective we had a great and warm welcome from the people. We were very concerned about that because of the situation in Israel.

From a business perspective it was amazing, because of what we are trying to achieve with our roadshows is to give the startups the opportunity to engage with potential clients. Being a startup in the Middle East you cannot build trust by meeting people on Zoom. The insurance business is based on trust. We are planning to do a next roadshow to the US in March.

What exactly does InsurTech Israel stand for?

Our mission is to support the Israeli startups based in Israel. We want them to grow and succeed. They are supported by four pillars: The first one is Investment. The second is our Israeli Insurtech Accelerator-Program: We assist startups in sharpening the product and opening a lot of doors for them. For supporting this, we have offices in Frankfurt, London and the US. Business Development Hub is the third pillar. We are dedicated to fostering collaboration between Israeli startups, insurance companies and venture capitalists from around the world. And last: Global Outreach: Through our media department, we organize global roadshows, delegations and conferences, effectively highlighting the Israeli InsurTech ecosystem.

Why has Israel in particular developed into this technology giant in the Insurtech sector?

It’s based on a few things. Israel being a startup nation, we have all the infrastructure here and it’s easier for entrepreneurs in Israel to start a venture. It is also the culture, as many of the people here have the mindset of entrepreneurs and are not afraid of challenges. At last, the education system in Israel is very good.

As for the insurtech industry it is not only based on technology. Insurtech means to find solutions for big problems and Israelis are good in finding these solutions and implementing technologies. Therefor we have a lot of success stories.

As a journalist, I must also ask you about Saturday, October 7, of last year which is known as Black Shabbat in Israel. Where were you at the time and how did you find out about the attack?

There is no one in Israel or around the world who would forget about those minutes. It was Saturday morning, my wife and I just got back from a vacation a few hours ago. We were about to discuss what to do that morning. At 6.30 a.m. we got the notification about the rockets, that had hit the south of Israel. In the beginning I thought that it was fake news but understood very quickly that it was sadly true.

Thank you very much for the interview, Kobi, and take care.

Also read: Nemesysco: How 007 knows if you are lying

Kobi, a visionary leader, serves as the CEO of InsurTech Israel, a groundbreaking initiative he founded with the mission to propel and guide the Israeli Insurtech ecosystem to new heights. Under his guidance, the company has flourished across four key domains: investments, business development, media, and an acceleration program. With these multifaceted activities, InsurTech Israel has emerged as the preeminent and most dynamic player in the Israeli Insurtech landscape.

Before steering InsurTech Israel to success, Kobi was the entrepreneurial force behind Reshef Insurance Brokers, a key player within the Migdal/Generali Insurance Group. Armed with 22 years of rich experience in the insurance industry, Kobi holds a bachelor’s degree in management and a master’s degree in law from Bar Ilan University. Additionally, he served as a Colonel (Reserve) in the Israel Defense Forces, showcasing his commitment to leadership both in the corporate and military realms. Kobi’s unique blend of expertise, entrepreneurial spirit, and strategic vision has left an indelible mark on the Insurtech sector, solidifying his reputation as an influential figure in the industry