Israel insurer joins forces with startup accelerator to tap into insurance tech

The Menora Mivtachim Group, which specializes in management of Israel’s largest pension fund, said Monday it would partner with startup accelerator MassChallenge to find Israeli companies that are developing technologies in finance and insurance industries.

Menora Mivtachim, which owns the largest pension fund in Israel and manages assets worth some NIS 100 billion ($29.4 billion), said its goal was to become a “leader in insurance innovation and technology” by collaborating with Mass Challenge Israel. The company wants to find innovative solutions in the areas of underwriting, claims services, customer service and distribution through the accelerator.

“The unique resources of MassChallenge, in conjunction with the deep experience, market insight and business network of Menora Mivtachim, will enable relevant high impact entrepreneurs to take their companies to the next level,” said Yonit Golub Serkin, managing director of MassChallenge Israel.

Startup companies selected for the program will undergo a four-month curriculum and have the opportunity of consulting with global experts and Menora Mivtachim officials to integrate their developments into the company.

To date, more than 1,200 companies have participated in MassChallenge worldwide and have raised more than $2 billion.

MassChallenge is a nonprofit organization that does not take equity in the enterprises. It has set up accelerators in Boston, Austin, England, Israel, Switzerland and Mexico.

Startups that wish to submit their candidacy to the accelerator may do so at masschallenge.org/apply through February 4, 2018.

Menora Mivtachim is the latest insurer to join forces with MassChallenge, joining other industry leaders such as Liberty Mutual, Fidelity, and MassMutual.