 | |
| 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 | Travel Insurance
International Medical Insurance TPA/ASO – Medical Insurance |
Number of employees | 700 (2019) |
| Subsidiaries | PassportCard GMBH
TravelCard Australia PassportCard Israel PassportCard Swiss . |
| Website | http://www.passportcard.com/ |
PassportCard is a travel insurance and IPMI (International Private Medical Insurance) company that operates in Germany[1], Australia [2][3] and Israel.
PassportCard is the largest travel insurance company in Israel, holding 40% of the market.[4] The company has over a million customers.[5][6]
History
PassportCard was founded in 2014 by Alon Ketzef [7][8]as a subsidiary of DavidShield Life Insurance Agency, established in 2000 by Ketzef and Gad Hitron in cooperation with Phoenix Insurance.
Passport Germany was launched in 2015 in cooperation with Allianz. Passport Australia was established in 2018 in cooperation with Hollard Group.
In 2015, White Mountains Insurance Group (NYSE: WTM) purchased 50% of PassportCard for 21 million dollars in a joint venture with DavidShield. [9][10] [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]
Technology
PassportCard uses Real Time Autonomous insurance. Insured members are issued a card linked to MasterCard and Visa infrastructure. When the client needs medical treatment, this card is used to pay for the treatment. When clients are abroad and need medical attention, they call PassportCard customer care and their card is topped-up with the required funds. The client pays the medical provider with the card. If required, the card can be used to withdraw cash from an ATM and pay the medical provider or to reimburse the client for specific claims as detailed in the insurance terms and conditions.[14]
Awards and recognition
In 2014, PhocusWright named PassportCard the most innovative emerging company. It also won the General Catalyst Award for Travel Innovation.[15]In 2016, PassportCard won the ITIJ Award for Best Specialist Service Provider of the Year.[16] In 2016, the DavidShield app was named winner of "Most Innovative Use of Technology in Global Mobility."[17]
References
- ^ PassportCard and Allianz Global Assistance Germany to Introduce the German Market to the Award Winning PassportCard Real-Time Travel Insurance
- ^ Will White Mountain and DavidShield establish a new insurance company in Israel? Globes, August 29, 2018
- ^ "We sent people out to meet up with our customers," Travel Weekly Australia, August 13. 2018
- ^ How a High-tech Company Conquered Israel’s Travel Insurance Market, Haaretz, October 10, 2018
- ^ PassportCard achieves one million customers
- ^ Yehuda Sharoni, Safe travel, Maariv, March 3, 2018
- ^ New joint venture for White Mountains, The Royal Gazette, June 12, 2014
- ^ White Mountains To Acquire 50% Stake in DavidShield, October 03, 2017
- ^ DavidShield teams with White Mountains, Globes, June 9, 2014
- ^ New joint venture for White Mountains, The Royal Gazette, June 12, 2014
- ^ K-10 Form 2018, White Mountains Insurance Group, p.9
- ^ White Mountains To Acquire 50% Stake in DavidShield insurance company, Globes, November 22, 2017
- ^ http://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_WTM_2017.pdf , K-10 Form 2018, White Mountains Insurance Group, p.9]
- ^ How a High-tech Company Conquered Israel’s Travel Insurance Market, Haaretz, October 10, 2018
- ^ 2014 Innovators
- ^ PassportCard Wins ITIJ Award for Best Specialist Service Provider of the Year
- ^ DavidShield app named winner of Most Innovative Use of Technology in Global Mobility