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Insurtech

20 stories about Insurtech
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

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
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
הנפקת למונייד בורסת ניו יורק יולי 2020

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
Dror Pockard

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
Faye team

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
רועי אגאבאבא מנכ"ל Novidea

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
יונתן מטוס

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
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