Insurtech

20 stories about Insurtech
הנפקת למונייד בורסת ניו יורק יולי 2020

Lemonade's stock crashes on 2024 forecast despite topping estimates

28.02.24|Sophie Shulman
The insurtech company's stock plummeted by 25% at the opening of trading on Wall Street following its forecast of doubling marketing expenses and a deceleration in revenue growth
Alon Microsoft

Microsoft looks at Israeli high-tech as its ‘Gas and Oil’ in the Middle East

24.01.24|James Spiro
As the company searches for potential growth engines in the region, it partnered with Sapiens as a way to better penetrate the insurtech industry.
DigitalOwl founders

Insurtech startup DigitalOwl raises $12 million from insurance giant RGA

09.01.24|Meir Orbach
The Israeli startup's platform provides automated reading, summarization, and analysis of medical records for insurance companies and lawyers, providing real-time, highly accurate assistance in their underwriting, claims settlement, and fraud prevention processes
וסטו Vesttoo

Vesttoo creditors claims reach $4.8 billion, but less than $100 million likely to be recovered

24.12.23|CTech
The bankruptcy court in Delaware conditionally sanctioned last week the reorganization plan under Chapter 11 for Vesttoo's bankruptcy, but according to industry website Artemis, it seems likely the creditors will only ultimately receive a miniscule portion of their claims
Boaz Fairmatic

Fairmatic appoints Boaz Ram as Vice President of Product

19.11.23|James Spiro
“His rich experience in managing and launching innovative products will be fundamental in Fairmatic's growth and expansion in the U.S. and other markets," added Founder and CEO Jonathan Matus.
וסטו Vesttoo

Creditors demand to liquidate Vesttoo and halt any attempt to reorganize the company

24.10.23|Meir Orbach
“Vesttoo – viewed as the Madoff of insurance – never operated as a business or as a going concern without revenue from the fraud,” read a statement by the Official Committee of Unsecured Creditors in the Vesttoo bankruptcy case
מייסדי וסטו יניב ברטלה ו אלון ליפשיץ

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
יניב ברטלה  וסטו

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
יניב ברטלה  וסטו

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
מייסדי Vesttoo

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
עמי בר לב מנכ"ל ביקום עמי בר-לב

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 co-founders

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
יניב ברטלה וסטו

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 co-founders

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
מייסדי וסטו בן ציקל , יניב ברטלה ו אלון ליפשיץ

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 co-founders

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
מייסדי וסטו

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 co-founders

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