"Am I, Etty Elishkov, setting up a company on my own?"

The sentence that her mother told her before her death and that has accompanied her ever since throughout her life, her husband who pampers her in Malby, the moment she left a comfortable job at the bank in favor of an internship and the desire to be Israel's favorite insurance company.

Etty Elishkov, founder and CEO of Libra, talks about how she is changing insurance arrangements

Liat Ron

23/02/2022

Wednesday, 23 February 2022, 17:31 Updated: Thursday, 24 February 2022, 13:51

• Share on Facebook

• Share on WhatsApp

• Share on Twitter

• Share on Email

• Share on general

• Comments

  Comments

Name

: CPA Etty Elishkov, 44, founder and CEO of Libra.

: Accountant, not the standard type.

Initiative, loves challenges, is creative and thinks that if we believe that every problem has a solution - there are no problems.

: Both sides of Baghdad.

Dad came here alone at the age of 17 and the rest of the family immigrated after him, and mother and her family at the age of 16. They married after military service, settled in Ness Ziona and moved to Holon.

Dad was a taxi driver all his life and passed away a year ago from Corona at the age of 89.

A perfectly healthy man, the most beloved I knew, did not judge anyone, humble, who made do with little.

Mother was a strong, dominant, charismatic and powerful woman who held the house and according to it would rule anything.

She did not work, raised five children, I am the youngest, and the gap between me and the eldest is 19 years.

Mom got breast cancer when I was a teenager and we all treated her.

Two months before she passed away I celebrated with her at the hospital her 15th birthday. This difficult time shaped me.

I know how to appreciate what is there and never hold a grudge or waste unnecessary energies, leading things without ego.

I take with me a sentence she always said to me: "You are a strong person who can handle any situation."

More on Walla!

Tapas, risotto, wine: the perfect combinations for the return of the Champions League

In collaboration with Binyamina Winery

"You are a strong person who can handle any situation" (Photo: Reuven Castro)

My childhood

: Holon, in a neighborhood with friends, when I am called from the end of the street to come home.

I loved sports, I was in ground and apparatus gymnastics and active in the working youth.

Mom wanted me to have a profession, because a woman has to stand on her own two feet and be independent, so I studied business administration at Tel Giborim High School and expanded on math and English.

Because of my love for numbers, I pick them up fast and think fast, I wanted to be an accountant since I was little and then my ambition also burst.

myself

: My husband, my back, has known me since I practiced how to scribble my signature when I'm senior.

He has a health bar in the Azrieli Center in Holon, in the building where Libra is located.

When I miss him, I get off the elevator to be with him and every once in a while he pampers me with the malabi he brings to me.

We have been together since the age of 16. When my mother passed away I barely went out and my friends pulled me with them to hang out and that's how we got to know each other, and at the age of 18 we started going out.

When I set up Libra I had to take financial commitments and he always said, "No problem, go for it. Max we will go back to a three room apartment, nothing will happen".

We have two children and we live in Holon.

"When I started an internship, Dad could not understand how I leave such a job for NIS 4,500 a month" (Photo: Reuven Castro)

Accounting

: After serving in the recruitment bureau and dealing with dodgers of all kinds, I flew with companies for a trip to the United States and returned to study at the College of Management in Rishon LeZion, studies most of which I funded alone and with scholarships.

At the same time I started working at the Discount branch in the Golden Mall and progressed to be the deputy branch manager, with an excellent salary and good conditions.

When I started an internship at EY, Dad couldn't figure out how to leave such a job for NIS 4,500 a month.

I did an internship with Moshe Shahaf and began to do more and more reviews in large insurance companies, including Phoenix, Migdal and Hachshara, a complex field that few people understand in depth.

I was in the office for five years and when Eli Eleazar bought Hachshara Insurance, I offered myself the position of CFO, with the help of Shahaf. I went for an interview two weeks after I gave birth and thought they would not get a woman on maternity leave. Only he received me with open arms, he allowed me to flourish.

: I was five CFOs and five CEOs, and I went through the crisis there in 2008. Already at the beginning of my training I started to identify the entrepreneurship in me, I bought myself shares of the company and started accumulating equity that served me later. I worked there with a coacher And at one of the meetings she asked me to write where I see myself in five years and without thinking too much I wrote, "to own an insurance company.

" Lith Ayalon company, but then there was an explosion and it fell off the episode.

"I went to an interview two weeks after I gave birth and thought they would not get a woman on maternity leave" (Photo: Reuven Castro)

Turning point

: In a conversation I had with Dorit Salinger, then the insurance commissioner and her senior deputy, he asked, why do you not set up an insurance company yourself?

I said, I, Etty Elishkov, will I establish a company on my own?

Where will I have the capital of NIS 20 million to invest?

Dorit said she wants to encourage more companies to enter the market and she intends to lower the investment threshold, and that I will go home to do homework.

After a year I got the license to operate "Libra".

That was in 2017. I had a vision, which I would implement even if I went into an existing insurance company as a CEO, I wrote a business plan, I went back to them and said I was going for it. The big problem was with recruiting investors. I did not want an investor to hold more than. 5% and when we were a private company I put it in the rules so they would not take over. As an issuing company investors are not allowed to hold over 5% without a holding permit from the regulator, so it keeps me.

:.

An insurance company with an innovative, technological and personal model online at an attractive price, with participation in the profits of the company that is fundamentally changing the world of insurance.

The customer collects pounds, which allow for participation in profits and lowering the price of the premium.

We are a technology company at the base.

I have two development teams, Project Manager, Product Manager, QA, and call centers, 120 employees on over 200,000 policies.

Our personal model assumes, that you and I may have the same vehicle, but we are different so the traditional test of vehicle type, age, sex and insurance history no longer catches on.

If I have not claimed the insurance for 15 years, it is legitimate for there to be a car accident.

Every shekel premium in libre is added to the credit balance.

We will not consider your claim with the balance of your right high so you will not pay more premium.

I could have earned another NIS 3-4 million, but I preferred to distribute them to customers.

"If I have not claimed the insurance for 15 years, it is legitimate that there will be a car accident" (Photo: Reuven Castro)

Mileage insurance

: We started marketing it even before the Corona and when the plague broke out the other companies adopted the model.

As early as 2018, we had a program of "slightly less paying passengers", a solution for people whose car is parked most of the day.

: The personal model works here as well, if there is a dog in the house that deters burglars and the apartment is new and less prone to breakdowns, you will pay less.

If there are more restrooms, you will pay a little more, because most insurance problems are due to water damage.

There is no such pricing in any other company.

We applied to the Ministry of Finance to market pet insurance.

The plan is for everything to be online.

Has the dog had surgery?

You upload an invoice and within a moment the money goes to you.

Life insurance is also on the agenda, our "risks" have been submitted for approval and we hope that during 2022 we will set off with them.

We can also bring in the mortgage insurance in the line, when we add the life insurance to it.

"We submitted an application to the Ministry of Finance to market pet insurance. The plan is for everything to be online" (Photo: Reuven Castro)

Agents

: We are the company of the people of Israel, a basic consumer product, because everyone has to take out car and apartment insurance.

IKEA may not do insurance with me, but the beautician will do, because we do not have small print, everything is transparent, stock market, clear and available online and quickly, the payment for damage from an accident is also made through the look on the spot.

The insurance agent also knows that his role as a broker is losing its relevance and his role as a consultant is getting stronger.

For those who do not have the strength and no time for a suitable agent, we also save money and can handle everything on their own.

The very young population wants to get to Libra, but in terms of pricing I am currently less attractive to them - and that too will change in the future.

When I founded Libra they asked me what I wanted.

CEOs want a profit, I said Transformer wants me to be loved, because if they love me I will have NIS 100 million

: Unlike the beginning of the road which was challenging and discouraging at times, the offering was amazing.

We did not need money at the box office, but we had to raise NIS 25 million.

My fantasy is that the pounds will be almost like stocks, linked to the value of the company.

"I will never rule out leaving, but in the coming years I will focus on Israel" (Photo: Reuven Castro)

Abroad

: I never rule out going out, but in the coming years I will focus on Israel. We will complete the insurance we want to get into and then we will move on.

: In the little I have I go to the cinema once a week to watch a movie and listen to

. Growing up. I'm told I do not know how to make grapes. My motivation is to do the impossible and bring innovation to where it is not

• Of money

Tags

• Libra

• Insurance

• Corona