PassportCard
 | |
| Company type | Private |
|---|---|
| Subsidiary of White Mountains Insurance Group NYSE: WTM and DavidShield L.I.A (2000) Ltd | |
| Industry | Insurance |
| Founded | 2014 |
| Founder | Alon Ketzef |
| Headquarters | , |
Key people | Alon Ketzef, President of PassportCard group |
| Products |
|
Number of employees | 700 (2019) |
| Subsidiaries |
|
| Website | www |
PassportCard is part of the Davidshield Group, an international travel insurance and private medical insurance focusing on markets in Germany, Australia and Israel.[1][2][3]
Customers insured with PassportCard use a prepaid card to pay health service providers, eliminating the need to submit invoices or pay deductibles.[4]
History
[edit]PassportCard was founded in 2014 by Alon Ketzef[5][6][self-published source?] as a subsidiary of DavidShield Life Insurance Agency, established in 2000 by Ketzef and Gad Hitron.[7]
PassportCard Germany was launched in 2020 in Hamburg offering its private medical insurance products [8] which follows its cooperation in Germany with Allianz that started in 2015.[9] PassportCard Australia (TravelCard) was established in 2018 in cooperation with Hollard Group.[10]
In 2015, White Mountains Insurance Group purchased 50% of PassportCard for 21 million dollars in a joint venture with DavidShield.[4][5][11][12]
In 2018, White Mountains bought Hitron's shares at DavidShield for $42 million. White Mountains continues to hold 50% of PassportCard/DavidShield and Alon Ketzef, 50%.[13]
PassportCard is Israel's largest travel insurer.[14] The company has 2.1 million customers in Israel.[15]
In 2018, The Marker reported that PassportCard insurance accounted for 40% of the Israeli travel insurance market.[16]
In January 2020, DavidShield got an insurance license in Israel and established its own insurance company, DavidShield insurance company; previously the group companies were agencies and the insurer was the Phoenix insurance company.[17]
Technology
[edit]The system enables payment of medical expenses in real-time, protecting travellers' funds and budgets.[18][self-published source?] When the client needs medical treatment, this card is used to pay for it.[14]
PassportCard uses Real Time Autonomous insurance. Insured members are issued a credit card accepted by most medical facilities around the world. If medical assistance is needed, members call PassportCard customer care and the card is topped-up with the required funds. The client then pays the medical provider using the card. If necessary, the card can be used to withdraw cash from an ATM to pay the medical provider or reimburse the client for specific claims as detailed in the insurance terms and conditions.[19]
Awards and recognition
[edit]In 2014, PhocusWright named PassportCard the most innovative emerging company. It also won the General Catalyst Award for Travel Innovation.[20]
In 2014 & 2016 THE APAC EMMA’S Innovation in Global Mobility.[21][self-published source?]
In 2016, PassportCard won the ITIJ Award for Best Specialist Service Provider of the Year.[22]
In 2016, the DavidShield app was named winner of "Most Innovative Use of Technology in Global Mobility."[23][self-published source?]
In 2016 the company was chosen among MEDICI Top 7 InsurTech Startups in the EMEA. [24]
In 2018, the company won the Adif insurance award for the best health insurance technology.[25]
In 2018 the company won the LMI's 5 stars ranking of claims service in Australia.[citation needed]
In 2019, the Travelcard Australia won the Mansfield Award recognizing claims excellence.[26]
In 2019 the company won Australia Choice award for best Travel Insurance plan.
In 2021 the company won the German Innovation Gold award [27]
See also
[edit]References
[edit]- ^ "PassportCard and Allianz Global Assistance Germany to Introduce the German Market to the Award Winning PassportCard Real-Time Travel Insurance". www.businesswire.com. 21 April 2015.
- ^ "ווייט מאונטיינס ואלון קצף יקימו חברת ביטוח חדשה בישראל?". גלובס. 29 August 2018.
- ^ "We "sent people out to meet up with our customers," Travel Weekly Australia, August 13. 2018".
- ^ a b "DavidShield teams with White Mountains". Globes.
- ^ a b Fox, David. "New joint venture for White Mountains - The Royal Gazette:Bermuda Business". The Royal Gazette.
- ^ Ltd, White Mountains Insurance Group. "White Mountains To Acquire 50% Stake in DavidShield". www.prnewswire.com.
- ^ דיוויד שילד נכנסת לסין, Calcalist, 3 September 2009
- ^ PassportCard Launches International Health Insurance In Germany, iPMI Magazine, 14 April 2020
- ^ PassportCard and Allianz Global Assistance Germany to Introduce the German Market to the Award Winning PassportCard Real-Time Travel Insurance, Business Wire, 21 April 2015
- ^ Game Changing Travel Insurance Pays Out On The Spot, Latte, 10 August 2018
- ^ "K-10 Form 2018, White Mountains Insurance Group, p.9".
- ^ "ווייט מאונטיינס: רכשה 50% מסוכנות הביטוח דיוויד שילד". גלובס. 22 November 2017.
- ^ ווייט מאונטיינס ואלון קצף יקימו חברת ביטוח חדשה בישראל?, Globes, 29 August 2018
- ^ a b Sasson, Assa (10 October 2018). "How a High-tech Company Conquered Israel's Travel Insurance Market" – via Haaretz.
- ^ White Mountains review 2019, p. 14/15
- ^ ששון, אסא (9 October 2018). ""לשלם מהר ובלי להתווכח": כך בנינו את פספורטכארד - חברת ביטוח הנסיעות הגדולה בישראל" – via TheMarker.
- ^ קבוצת דיויד שילד קיבלה רישיון ביטוח מרשות שוק ההון, Calcalist, 19 January 2020
- ^ Assistance, Allianz Global. "Allianz Global Assistance and PassportCard to launch an innovative program designed to revolutionize travel insurance experience". www.prnewswire.com.
- ^ How a High-tech Company Conquered Israel’s Travel Insurance Market, Haaretz, October 10, 2018
- ^ "2014 INNOVATORS". Northstar Travel Group.
- ^ DavidShield app awarded winner of "most innovative use of technology in global mobility" at the forum of expatriate management (FEM) APAC summit 2016
- ^ The 2016 ITIJ Industry Awards winners announced!, ITIJ Journal, 3 November 2016
- ^ "DavidShield App Awarded Winner of "Most Innovative Use of Technology in Global Mobility" at the Forum of Expatriate Management (FEM) APAC Summit 2016" (Press release). PR Newswire. September 20, 2016.
- ^ MEDICI Top 21 – InsurTech: Announcing the 21 Leaders Among the 480 Identified Players
- ^ ביטוחים ופיננסים, December 13, 2018, p. 5
- ^ 2019 Winners, mansfieldawards.com.au/
- ^ German Innovation Gold award