Present
The innovative digital pension management solution
PRESENT is the only digital pension solution that enables a comprehensive understanding of low-cost pension management, in a simple and quick manner, creating a simple, independent, and fast process, with simple steps and a 21st-century UX.
151% of funding target
By: Yaakov Portnoy
Successfully fundedAngel Investment
Investment type:
Company Stage:
Category:
Finance
Highlights
Highlights
Digital solution for the pension market
In recent years there were several important moves held in Israel, aimed to increase the competition within pension savings and turning the field more accessible. Such moves include, among others, the addition of selected funds which are managed by 4 leading investment houses that hold cheap management fees and excellent yields. This addition is aimed to open the market for competition and create an advanced market. This market is going through a changing process that has two manifestations. In pension savings, we witness a shift in deposits towards the selected pension funds in the last couple of years, mainly Altshuler Shaham. and growing messages in all insurance sectors encouraging the usage of digital apps that nullify the conversations with traditional insurance agents.
Present’s advanced system enables the opening of pension funds and roaming between them easily, thus creating greater accessibility to pensions for millions of Israelis.
A revolution in pension insurance
The inauguration of selected pension funds proves that both the state and the private market are eager to create accessible and simple solutions for pension, that can simplify the process as well. Due to this revolutionary change, savers in Israel are exposed to lower management rates and more importantly, they can easily roam between pension funds. Present’s solution is not only advanced but it is also coordinated with measures encouraged by current regulation. Not only The Ministry of Finance is encouraging investments in Insurtech ventures, but also The Insurance Commissioner is interested in encouraging the competition in this field and driving the pension field to the digital sphere.
A remarkably large market
As of May 2019, insurance companies, provident funds, study funds, and new pension funds have managed assets with an accumulative volume of Trillions of Shekels. Moreover, pension insurance is mandatory by law and each employee in Israel is obliged by law to own such insurance. Therefore, it is a huge and complex market. Currently, the greatest benefiters of this situation are pension agents who benefit from high agent fees that generate significant revenues.
A digital revolution, in insurance
The consumption of various services in the digital sphere is the most important revolution in consumer behavior in the past year. Millions of Israelis have started to go online in every domain, and for them 2020 was the first year in which they ordered a product or a service online (overall, 84% have ordered a product or a service online in the past year).
The novel insurance companies have already proved that even financial and technical domains do not have to threaten, intimidate, and exploit. For example, Lemonade offers an AI-based online insurance service and has swept the traditional American market, and just in three years, it has grown up to an IPO in July 2020. In Israel, Libra deals with online car insurance within the local market and has reached the top of the service index just in two years. This trend demonstrated the public’s will to receive better and personalized services.
Strategic partners and an experienced team of entrepreneurs and pension experts
Present was established and it is led by a team of pension experts and experienced entrepreneurs. The company’s CEO, Yaakov Portnoy, is active in the pension field for more than 15 years and has led the first digital pension venture in Israel, Get Pension, with more than 25k customers. With him, the company’s partners are experts in marketing, technology, and branding such as Oded Federbusch, a serial investor that has already led numerous companies to successful exits, and Naty Namdar, which has led Linkury to a sale to Algomizer which is publicly traded. Other partners include CodeOasis, the technological branch of some of the largest companies in Israel, including Wix, SodaStream, Eldan and Strauss, and additional significant technological projects in Insurtech, alongside OPEN, one of the largest branding companies in Israel, that specializes in marketing and branding of tech companies and startups. In addition, two of the main investors are Gabi Portnoy, former head of operation branch in the IDF’s intelligence department and an expert in the development and implementation of technological systems, and Naschitz Brandes Amir Law Firm, one of the leading law firms in Israel, with a unique expertise in technology, business, and regulation in these domains.
Pitch
Pitch
The Idea
Pension insurance is a gift, and pension is a circle. During our 20s we start to work and during the years we gain experience, knowledge, achievements, and rights. And then, 50 years later we retire. The circle is closed: the rights we earned come back to us. Every working person in Israel, whether as an employee or as a freelance must have a pension insurance. Whether it is employees in large companies or freelancers who are constantly updated in all the new digital trends. We all look to make our pension more efficient, cheaper, and to understand our pension worth in a simple and fair manner. This process is joined by additional processes that were accelerated in recent years, and especially during 2020, which includes a digitation of various domains in our life. Pension is not exceptional, and it goes through similar processes, as in recent years various companies have emerged to bridge the gap between insurance and the 21st century. These processes are accompanied by recent moves in the Israeli market aimed to increase the competition in the field of insurance. However, billions of shekels remain still within insurance companies and investment houses and they do not reach their destination. The reason is that different systems are not synchronized from the moment the pension fund is opened until the moment the client gets his money. Therefore, the combination between increasing competition and the digital revolution leads to an on growing need of clients within the pension field to have a transparent, digital and simple platform that will enable everyone to receive all the information about the different savings in a quick and simple way.
The solution
Present specializes in full digital solution for customer services, through simplification and control over the pension process, from the moment the pension fund is opened until the money is associated to the client. Present’s system supplies information about the pension worth and management fees in the market, a personalized recommendation of the system and constant communication regarding each step from the moment the file is opened and until the money is allocated to the client, all in a digitized, transparent, and reliable end-to-end process. It is a simple solution for all those who pat outstanding management fees to insurance companies. Present supplies a simple and convenient solution not only for independents but also for SMB owners that need to recommend to their employees on a pension insurance following the mandatory obligation to allocated money for pension. As such, Present serves as a solution to all freelancers and business owners that must take ownership of their pension.
The technology
Present’s digital platform combines all the steps regarding the client’s needs including all the steps required for each client, including the assessment of pension worth, opening of an adapted fund, assuring that the money of each client is transferred through connection with the insurance companies and all the actors responsible for the treatment of the pension file, including the employer and the insured. The system shows 3 selected options: a fund that has the lowest management fees, a fund with the personilized risk levels and a Present recommendation for the potential insured based on the financial and demographic profile. The technology developed by the company integrates several sources of information (the national clearing system, insurance companies, credit cards and the central insurance information center (Har Habitouach)) and helps to treat more people with lower costs. Present is an advanced and simple platform aimed to execute various actions simply and without any complication, in the insurance field that always seems to be frightening, complicated and messy. In the platform each user can see all the sums, the funds, the provident and study funds, all in the same place. Through the system each and everyone can be fully aware, at any time, of the current situation of their savings, to evaluate their real worth and to take smart financial decision in just one click.
Team
Team
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Biography
Active in the insurance domain since 2004. In that time, he built an insurance agency, alongside an agency for insurance agents with more than 15k private clients. Was an active partner in the first digital venture in Israel, Getppeyd, with more than 25k clients in 1.5 years of activity, and that introduced the market with cheap management fees for a large group of buyers.
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Biography
Oded has vast experience in accompanying of new companies and paving their way up until advanced stages. Oded has founded We group with Yaron Adler. The company consults and accompanies startups through all stages of funding and R&D. Moreover, Oded is a serial investor with several exists under his belt. |
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Biography
The founder and former CEO of Linkury, which was sold to Algomizer that is publicly traded. Naty specializes in accessible and simple UX technologies and in all the advanced tools for creation of engagement among various audiences. |
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Biography
Former brigadier general, and head of the operation branch in the IDF’s intelligence department. Has led the development and implementation of technological systems within IDF.
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Biography
Marketing Manager. Has started her way in advertisement and became the marketing manager of Reshet 13 and since then deals with business and marketing accompaniment of companies. |
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Biography
CodeOasis serves as the technological branch of some of the largest companies in Israel and for leading startups in Israel and worldwide. The company is taking part in technologically diverse and fascinating projects, in mass volumes and in diverse markets such as insurance, security, E-commerce, communication, retail, internet, automotive, apps etc. |
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Biography
One of the leading and lucrative law firms in Israel. A full-service law firm with more than 185 attorneys in all spheres of commercial and civil law, in Israel and worldwide. The office holds a unique expertise in startups, financial and funding rounds. |
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Biography
The leading branding company in Israel, which is responsible for the branding and advertisement of the largest companies in Israeli market (Bank Hapoalim, the Central Bottling Company, Direct Finance etc.) OPEN specializes in marketing and branding for tech companies and startups. |
