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Moshe Morgenstern isn't just an insurance executive, he's an insurtech visionary. Over his 20-year career, he's been transforming companies and the entire global insurance industry into a new era through his focus on automation, his relentless pursuit of innovation, and his commitment to mentoring insurtech startups.
After rising through the ranks at Menora Mivtachim, Moshe joined Migdal Group as Deputy CEO and CIO in April 2023. In February 2024, his responsibilities were expanded to include customer experience. Moshe’s sharp business sense, deep technological expertise, unwavering dedication to improving CX, and a passion for mentoring insurance professionals make him a top insurtech industry leader. Combined, these qualities fuel his drive to deliver global, industry-wide innovation.
AUTOMATION & COST REDUCTION:
At Menora, Moshe automated over 65% of all insurance activity, resulting in a yearly cost reduction of over US$45 million. After just 1 year at Migdal, he's cut annual costs by US$20 million, and projects even greater savings as he automates 50% of processes by 2024.
GLOBAL INSURANCE INFLUENCER & STRATEGIC PARTNERSHIPS:
Moshe connects startups with international insurance leaders, giving them a global edge by providing them with access to established industry players, and the potential for investment opportunities and a wider customer base. Moshe spearheaded the creation of IBM Alpha Zone accelerator, a program that united 8 leading global insurers (including Allianz, State Farm, AustralianSuper, and Swiss Re) to provide guidance to approximately 20 selected startups.
LOCAL INSURANCE COMMUNITY INVOLVEMENT:
Beyond global impact, Moshe champions the local insurtech and fintech scene. He actively supports InsurTech Israel, the Israeli Fintech Center, SurTech, Unistream, and FinTLV – fueling Israeli innovation and empowering the next generation of entrepreneurs.
STARTUP MENTOR—PROPELLING ENTREPRENEURS’ INNOVATIONS:
By offering strategic guidance, volunteering as a board member, and providing investment and financing—Moshe has been instrumental in the success of new ventures and innovators including: EasySend, Swifter.io, Surance.io, Heka Global, DigitalOwl, Ravin AI, Lightico, FinTLV, Techsee and others.
TEAM LEADERSHIP:
Moshe manages a staff of hundreds with a US$130 million+ yearly operating budget.
IMPROVING CUSTOMER EXPERIENCE THROUGH INNOVATION:
GEN AI CHATBOT: Moshe bravely embraces new technology, pioneering Israel's first generative AI chatbot, which launched Feb. 26, 2024 on migdal.co.il. Despite the inherent challenges of deploying cutting-edge solutions, Moshe took the calculated risk to stay ahead of the curve and provide Migdal customers with 24/7 instant customer support. 40% of chatbot users engage when the call center is closed, showing a strong demand for 24/7 support. Call center volume has already been reduced by 5%, as the chatbot can handle more customer queries. And 85% of users have had positive or neutral interactions with the chatbot.
OPEN FINANCE: Moshe disrupted the status quo by making Migdal the first Israeli insurer to embrace open finance through a partnership with the startup Open-Finance.ai. This innovative technology accelerates the application process for loans against savings with consented data access, which means faster approvals and near-instantaneous funding for customers. Since launching on Feb. 20, 2024, customers who’ve consented to connect to Open-Finance.ai increased to 23% by May. The number of documents an applicant needs to upload has been reduced by 90%—from 10, down to 1. Loan closing times have significantly decreased by 80%. Processes using open finance technology benefit from 100% accuracy, and fraudulent applications have been eliminated to zero.
AI-BASED CLAIM PROCESSING: Just as he’s doing in his current role at Migdal, Moshe also architected an AI revolution at Menora. He launched an AI-based claim processing for retirement and auto insurance as well as a facial recognition login system—these initiatives skyrocketed user adoption, customer satisfaction, and security.
SHAPING THE FUTURE OF WORK:
Moshe spearheaded Migdal’s award-winning mobile platform for insurance agents and supervisors—MigdalCONNECT—which supercharges agent productivity with real-time data, leaderboards, gamification and automation. As a result, sales quota achievement has jumped by 17% and users save an average of 40 minutes per day thanks to streamlined efficiencies.
Nomination Title: Moshe Morgenstern, Deputy CEO & CIO
