Harel Insurance Investments and Finance Ltd., commonly known as Harel, is one of Israel’s largest and most established insurance and financial groups. Founded in 1934, it has a long and rich history, evolving from a relatively small insurance provider to a diversified financial powerhouse.

Harel’s core business revolves around providing a comprehensive suite of insurance solutions, catering to both individual and corporate clients. Their insurance offerings span various sectors, including life insurance, health insurance, property and casualty insurance, and travel insurance. Harel is particularly known for its strong presence in the health insurance market, offering a wide range of supplemental health coverage plans that complement the mandatory national health insurance system in Israel.

Beyond insurance, Harel has significantly expanded its activities into the broader financial landscape. The company manages a substantial portfolio of assets across different investment classes, including equities, bonds, real estate, and alternative investments. This asset management division is responsible for managing the group’s own capital, as well as providing investment management services to institutional and private clients.

A key component of Harel’s financial services arm is its pension fund management. Harel manages a significant portion of the Israeli public’s pension savings, offering a variety of pension plans designed to meet different retirement needs and risk profiles. This makes Harel a major player in securing the financial future of many Israelis.

Harel also operates in the provident fund sector, providing savings and investment plans that offer tax advantages and flexibility for individuals looking to save for various long-term goals, such as education, homeownership, or early retirement. These funds often offer different investment tracks, allowing individuals to tailor their investment strategies to their specific preferences and risk tolerance.

The company’s success can be attributed to several factors, including its long-standing reputation for stability and reliability, its diversified product offerings, and its strong distribution network. Harel utilizes a multi-channel distribution approach, relying on independent insurance agents, direct sales teams, and partnerships with banks and other financial institutions to reach its customer base.

In recent years, Harel has been increasingly focused on technological innovation and digital transformation. The company has invested in upgrading its IT infrastructure and developing online platforms to enhance customer service, streamline operations, and provide more convenient access to its products and services. This includes mobile apps, online policy management tools, and digital claims processing systems.

Looking ahead, Harel is likely to continue to focus on growth and diversification. This may involve expanding its presence in existing markets, exploring new business opportunities, and continuing to invest in technology to enhance its competitive edge. The company faces challenges such as increasing competition in the financial services industry and evolving regulatory landscape, but its strong foundation and diversified business model position it well for continued success.