Hachshara Insurance Launches New Credit Brokerage for Agents

Hachshara Insurance and Finance is launching a new strategic growth engine by establishing a dedicated credit brokerage for its insurance agents. This initiative aims to expand the range of services agents can offer clients, enabling them to provide financing solutions alongside existing insurance and financial services.

The company recognizes the strong client relationships and financial understanding insurance agents possess, identifying a gap between client trust and agents' ability to offer suitable credit solutions. The new brokerage will connect agents with various funding sources, including banks, credit companies, and non-banking entities.

Under the new model, agents can choose to manage credit activities independently with professional support or forward credit applications directly to financing companies. Hachshara will provide a professional back-office system, loan management technology, and direct connections to lenders. Additionally, agents will receive professional training in finance and mortgage consulting to enhance their expertise and offer clients comprehensive solutions.

The service portfolio will include mortgage and real estate solutions such as mortgage consulting, reverse mortgages, refinancing, debt consolidation against property, and capital raising using existing assets. Solutions for non-residents and investors will also be available, extending beyond household credit to include business credit, small and medium-sized business financing, import financing, commercial real estate loans, and financing for heavy equipment like trucks and buses.

This venture is led by Eliran Marinstrauss, CEO of Hachshara Holdings Financial Credit. It complements Hachshara's existing credit activities, including its partnership with Rami Levy, and its financial services in savings and investments, managing approximately NIS 30 billion through its BEST INVEST savings policy. Shimon Miron, CEO of Hachshara Insurance and Finance, stated the goal is to create a platform transforming agents into a 'financial home' for their clients, leveraging changes in the financial market, open banking, and regulatory shifts to increase competition in the credit sector. This move seeks to redefine the traditional role of insurance agents, allowing them to offer credit, mortgages, and business financing, thereby generating additional income for agents, strengthening client relationships, and expanding Hachshara's operations beyond traditional insurance.