Menora Mivtachim: Digital Claims Transformation
Winner of the 2022 Celent Model Insurer Award for Legacy and Ecosystem Transformation
Menora Mivtachim Holdings Ltd. (Menora Mivtachim) is one of Israel's five largest insurance and finance groups managing assets approximating 185 billion NIS. The company manages the largest pension fund in Israel called New Mivtachim. Retirement planning and services have become the largest growth segment in the Israeli market due to Israel’s rapidly emerging demographics and retiree eligibility which are compounded by impacts of the pandemic. As a result, retirees are availing themselves of pension benefits at a record pace—creating unprecedented stress on an already challenging process. The process for claiming pension funds is one of the most complex, bureaucratic and error prone there is. Prior to the deployment of Menora Mivtachim’s solution, nearly every retiree’s application required a specialists’ intervention to complete (including the manual creation of spreadsheets.
Recognizing the challenge, but also an opportunity, the Menora Mivtachim team embarked on a significant effort to digitize, simplify, and ease the claim experience . The result has been a breakthrough in pension services based on the digital capabilities the new Topaz platform. Topaz eases the filing requirements by creating a simplified and automated experience that seamlessly integrates the process for all required parties including regulatory (governmental) agencies and legal entities.