POLICY - May 2019

POL I CY The Israeli Insurance , Pension&FinanceNewspaper 33 Tel Aviv Re 2019 improving claims handling routines. The MultiTrade system is a secure online trading environment that enables professional automotive parts consumers and suppliers to communicate and trade in a safe, efficient and cost-effective manner. Auto3P also provides a hand-held device app, the HandiMate - for immediate access to all the Horizon services. Gain market share through competitive pricing The component installed in the car can also be used to give UBI service. The Horizon system enables the use of any UBI system at the same time as managing the accidents. Premiums are calculated based on the following factors: • Pay per use – PAYD (Distances & time) • Road type (Urban/Rural/Highway) • Time of day (Day/Night/Rush hours) • Driving Style/Eco drive (Acceleration/Braking/ Speeding/Cornering) • I-Button/Driver recognition (Young driver) • G-Sensor/Accelerometer (Accident detection alert) • Safety (Emergency E-Call/Panic Button) • Anti-theft (Geo zone/Geo fence) Auto3P’s Telematics Insurance management tool enables the company to gain market share through competitive pricing by better management of the risks. Continued from page 26 Continued from page 22 By Uri Maimon, CEO and founder of MRM and Auto3P Europe AG THE INSURERS AND REINSURERS ARE WORKING TO FIND A SOLUTION FOR THE GROWING DEMAND FOR CYBER INSURANCE Pol icy conversation with Harel President and founder of Tel Aviv Re Gideon Hamburger OLICY Continued From page 6 Hamburger: No. The marine insurance worldwide suffers from the serious results of hail and natural damages. There are Lloyd’s syndicates that have stopped selling marine insurance all over the world. The global warming affects the climate all over the world. The regulator in Israel ruled that reinsurance purchased via an underwriting agency without the insured having a cut-through, is not considered to be reinsurance, and the Israeli insurance companies are required to allocate capital against the re-insurance amount. • What other challengers are facing the insurance sector? Hamburger: There are big accumulations of insurance amounts for earthquakes. But likewise here, the reinsurers are quite prudent, and it is good that there are many reinsurers, so that the insurance amount is split between many entities. There is no doubt that a reinsurer who cannot provide earthquake coverage – cannot sell property insurance in Israel. The biggest consumer of earthquake insurance is themortgage insurances, which are sold mainly via the banks. • The world is looking closely at Brexit. How is the insurance sector affected? Hamburger: England will remain the insurance capital of the world. Even if Brexit goes through. Even if the policy is printed physically in Brussels. • What developments in the Israeli insurance market interest the reinsurers? Hamburger: The reinsurers are looking closely at the new insurance companies that have been established, and are tracking the process. The big test for these companies will be their ability to give service to the customer and pay claims. By Shahar Sheratzki, Insurance Vice president at Ituran UBI TECHNOLOGIES FOR MOTOR INSURANCE increases the chances of survival and in reducing the damage caused. The system is able to send out an automatic warning when an accident occurs, also to pre-determined parties, via SMS and e-mail, enabling assistance to be rushed to the location. The accident warning also allows the insurance companies to take immediate action, at any time of day, including sending out a loss adjuster to the accident location to check on the state of the vehicle as soon as possible after the accident. Another application of the system enables the insurance companies to investigate the accident after it occurs, since the system records the last 60 seconds before the accident and the 20 seconds after it, enabling retroactive information to be obtained on the accident locations and the reasons for it.