Top Discount Bank Executive Moves to Lead Insurance Direct

Assaf Eldar, a senior executive from Discount Bank, has been appointed as the new CEO of IDI Insurance, known to the public as Insurance Direct. Eldar, 51, previously served as Deputy CEO and Head of the Banking Division at Discount Bank. His departure from the bank, where he had worked since 2010, follows his selection for the new leadership role.

In his tenure at Discount Bank, Eldar held various senior management positions, joining the bank's management in 2019. He was responsible for extensive business operations, including advancements in digital initiatives, marketing, and the implementation of artificial intelligence technologies. Prior to that, he managed the operations and assets division, served as CEO of Discount Leasing, and led the establishment of the Discount Campus in Rishon LeZion.

Eldar's move to Insurance Direct comes as the company has experienced significant business expansion in recent years. Under the outgoing CEO Kobi Heber, the company's equity more than doubled to approximately NIS 1.3 billion, and its annual net profit doubled from about NIS 200 million to NIS 400 million. During this period, Insurance Direct broadened its activities in insurance, savings, and digital services, launching its digital insurance brand "9".

Muki Shneidman, Chairman and controlling shareholder of IDI Insurance, welcomed Eldar, citing his experience in managing complex financial systems as beneficial for the company's goals. Eldar expressed excitement for his new role, thanking Discount Bank for his 17 years there and highlighting key projects like the Discount Campus and leading the banking division.

Avi Levi, CEO of Discount Group, also congratulated Eldar on his transition, praising his talent and leadership in the banking division. Eldar's appointment at Insurance Direct is expected to continue the company's growth trajectory, while Discount Bank will now need to find a replacement for Eldar within its senior management.