A new Insurtech hub has been launched in Israel. Called Axell, the platform will be an innovation builder for insurance and finance.
Headquartered in Tel Aviv, Israel, Axell accelerates the digital transformation of financial services companies by constantly innovating and co-creating new digital products. The hub ecosystem is comprised of startups, financial services institutions, investors, executives, entrepreneurs and game-changers. Axell state that their aim is to remove friction from the customer engagement process, deliver better experiences and prepare companies for disruptive change.
The Axell hub is a response to the changing face of insurance in Israel and Axell want to change the thinking within the sector at a fundamental level.
“The core of financial services companies’ DNA is built on managing risks. It is not about managing opportunities,” – says Moshe Tamir, founder of Axell.
“For example, if you present 10 great ideas to the board of an insurance company, the focus of the discussion will be on the risks they are exposed to and not the massive opportunities to increase revenue. And this is the very opposite of an innovation mindset.
When you focus on only managing risks, you go short on managing opportunities. As a consequent, financial services companies rather need to adopt a portfolio approach to manage their innovations over time, similar to how VCs manage their portfolios.”
From “Egosystem” to Ecosystem
Connecting the legacy (tech and culture) of traditional players to a 21st-century digital company has become a huge challenge, say Axell. The future, successful, financial services companies will be the ones who partner with the right digital-native companies, at the right time to drive their digital transformation forward.
The accent is very much on partnerhsip, and development of ideas. Axell believe that the most successful financial services companies of the future will be the ones who understand the value of building the right ecosystem of technology partners and engage with them at the right time. It isn’t a hub bringing together klarge insurers with smaller companies that they may wish to buy, but rather a meeting place where ideas and expertise can be shared at exactly the right time.
Find Axell on LinkedIn here.