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Insurtech

20 stories about Insurtech

Court approves seizure of $30 million in assets from Vesttoo co-founders, execs

19.09.23|Meir Orbach

The request, submitted by the company and approved by the Tel Aviv District Court, included foreclosures totaling approximately $23 million on the assets of co-founders Yaniv Bertele and Alon Lifshitz, as well as foreclosures totaling $7.2 million on two former executives and a service provider

Vesttoo report claims co-founders “directly involved in creating fake documents and forging identities”

07.09.23|Meir Orbach

The insurtech’s board filed its first interim report with the bankruptcy court and confirmed the source of Letter of Credit allegations. "This is a biased and fundamentally flawed investigation, which targeted the company's founders from the beginning," Bertele said

Ousted Vesttoo CEO appoints combative director to fight hostile board

07.09.23|Almog Azar

Co-founder Yaniv Bertele, who was officially fired by the board last week, has brought in attorney Ziv Ironi, regarded in Israel as a pioneer in the area of director activism, to fight on his behalf

Vesttoo CEO breaks silence in message to employees: “We were entirely unaware of any document falsification”

04.09.23|CTech

“We were targeted, tried, accused, and swiftly condemned even before the investigation commenced,” Yaniv Bertele wrote in a long message sent directly to current and former employees on Monday

Court rules Vesttoo can’t make compensation payments to fired staff

27.08.23|CTech

Vesttoo, which laid off around 75% of its workforce last month, received approval to make payments of over $2.78 million to its remaining employees, but was told it currently can’t spend an additional $2.2 million related to compensation payments

Vesttoo revenue reached $110 million in 2022 prior to fraud scandal

22.08.23|CTech

According to a declaratory filing as part of the company’s Chapter 11, interim CEO of the company Ami Barlev revealed that Vesttoo's revenue surged from $30 million in 2021 to $110 million in 2022

Vesttoo in “active discussions" with potential investors to find alternative collateral

07.08.23|Reuters and CTech

The Israeli fintech company added in a statement that a core team of more than 50 people was working to seek alternative collateral, and the company would meet all its commitments to suppliers and consultants

מייסדי וסטו בן ציקל , יניב ברטלה ו אלון ליפשיץ

FBI investigating alleged fraud at Vesttoo

02.08.23|Meir Orbach

Vesttoo announced on Tuesday that it is laying off around 150 employees, accounting for 75% of the company’s workforce

Vesttoo vehemently denies Morningstar's figures

29.07.23|Meir Orbach

The rating agency released a report on Thursday estimating that the the total size of outstanding transactions on Vesttoo is between $5-10 billion, which the Israeli company said “cannot possibly be realistic"

Vesttoo outstanding transactions estimated at between $5-10 billion - Morningstar

27.07.23|Meir Orbach

The fraud at Vesttoo came to light when one of the letters of credit on the platform was found to be fake, leading to a comprehensive review of all LOCs on the Israeli company's system

Vesttoo: “At a minimum, it appears that procedures were circumvented”

26.07.23|CTech

The Israeli insurtech company, embroiled in a scandal after alleged fraud took place on its platform, broke its silence

Vesttoo scandal aftershocks still rocking insurance sector

25.07.23|Meir Orbach

Clear Blue Insurance Group is among those to have been affected by the alleged fraud that took place on the Israeli startup’s platform

Vesttoo’s top legal and financial executives leave the company amid alleged fraud scandal

19.07.23|Meir Orbach

The Chief Financial Officer, Chief Commercial Officer, Interim Chief Legal Officer, and Deputy Chief Legal Officer have all departed the startup embroiled in a fraudulent collateral crisis

Vesttoo investigation reveals $4 billion fraud involving fake letters of credit

19.07.23|Meir Orbach, Tomer Ganon, Almog Azar

Most of the allegedly forged letters were from a leading Chinese bank, which appears to have been unaware of the situation

General Catalyst to invest up to $150 million to help Lemonade acquire new customers

29.06.23|Yarden Rozanski

Lemonade is aiming to expedite its path to profitability through the Synthetic Agents program in which General Catalyst will finance 80% of the cost of acquiring new customers in return for 16% of the premiums generated from the insurance policies

Insurers need to reconcile their desire for automation with their slow adoption of tech

20.06.23|Dror Pockard

Modernizing insurance operations can make insurers’ pricing models agile, coordinate efforts across lines of business such as pricing, rating, and underwriting, and aid planning

Travel insurtech startup Faye lands $10 million in Series A

23.05.23|Meir Orbach

Faye’s protection can cover travelers’ flights, hotels, health, luggage, and even their pets

Insurtech startup Novidea raises $50 million Series C

03.05.23|Meir Orbach

Using an open API architecture, Novidea’s software platform enables brokers, agents, and MGAs to modernize and manage the customer insurance journey

Fairmatic raises $46 million for AI-powered commercial auto insurance platform

16.03.23|Meir Orbach

The Israeli-founded startup, which has developed an AI-driven underwriting approach, has raised a total of $88 million over the past seven month

Insurtech startup Assured Allies raises $42.5 million Series B for aging and retirement platform

07.03.23|Meir Orbach

Assured Allies’ platform combines machine learning and predictive analytics to offer aging programs proven to reduce the risk of disability, and retirement products that aim to make long-term care insurance accessible and financially sustainable