What Shekel does

Shekel (שקל) is one of Israel's largest insurance and financial services agencies, founded in 1979 by Meir Ozen and operated today as a wholly-owned subsidiary of Phoenix Holdings (הפניקס אחזקות). Headquartered in Petah Tikva, the group serves more than 250,000 individual customers across approximately 5,500 employer and organizational clients, with named enterprise relationships spanning technology (SolarEdge, Broadcom, Cisco, SAP, Magic Software, Rafael), healthcare (Rambam Hospital), automotive (General Motors, Vulcan), education (IDC Herzliya), and insurers (Harel, Clal, Menora Mivtachim, Phoenix, El Al). Shekel's operations are organized into four product divisions — Shekel Pension (pension funds, life insurance, executive insurance, work incapacity, retirement planning, VIP executive services), Shekel Finance (study funds, provident funds, investment provident, savings policies, securities portfolio management, retirement savings, Amendment 190 planning), Shekel Health (private and group health insurance), and Shekel Vehicles and Apartments (car, home, travel, mortgage, cyber, D&O, professional liability, business, war/terror insurance) — supported by customer portals, the Shekel TV educational video channel, and calculators.

Shekel differentiates operationally through a proprietary technology stack built and maintained by its internal software house, Niva (ניבה), and the IBIT decision-support system, which consolidate client portfolios across carriers, perform needs analysis, run tax alternative comparisons for severance and pension funds, and produce monthly Holistic Reports. The group operates a ventures-and-subsidiaries model: Lev HaDekel serves 20,000 boutique clients across 386 organizations; Orot Maya specializes in life and elementary insurance; Nova Agent House extends platform capabilities to independent agents; and Eshkol For You handles elementary lines. Distribution is sales-led through portfolio managers, an inside sales service center, and a network of venture partners and sub-agencies.

The business model is commission-based agency revenue earned by representing multiple Israeli insurance carriers, pension funds, and provident funds, complemented by managed-asset and securities portfolio fees on the NIS 10 billion managed on behalf of 150,000 financial-product customers. Lead generation blends content marketing (Shekel blog, Shekel TV, newsletters), social media (Facebook, LinkedIn, YouTube), direct sales to enterprise accounts, and channel partners via the venture network. Pricing is quote-based and not publicly disclosed, consistent with Israeli personal and commercial insurance practice; the principal monetization lever is multi-carrier breadth and pension arrangement management mandates at scale.

Name

Shekel

Legal name

שקל סוכנות לביטוח (2008) בע"מ (Shekel Agency for Insurance (2008) Ltd.)

Website

https://shekelgroup.co.il

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

251–500 employees

Short description

Shekel (שקל) is a large Israeli insurance and financial services agency, wholly owned by Phoenix Holdings, that manages pension, finance, health, and general insurance for 250,000+ customers across 5,500 organizations, supported by its proprietary Niva software house and IBIT decision-support platform and a venture-based distribution network of independent partners and subsidiaries.

Ownership category

akta.pro rank

Headquarters

HQ city

Petah Tiqva

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Agency Commissions: Revenue generated through commissions as an insurance agency representing insurance companies, pension funds, and provident funds. The company acts as an agent for various insurance manufacturers.
2. Pension Arrangement Management: Managing pension arrangements for employers and employees, handling administrative services for pension funds, provident funds, and study funds.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Shekel is an Israeli insurance and pension agency that manages pension arrangements, financial products, health insurance, and general (property, vehicle, travel, business) insurance on behalf of employers, organizations, and individual customers. Operating as a multi-manufacturer agent, Shekel represents leading Israeli insurance companies, pension funds, provident funds, and study funds, distributing their products through dedicated portfolio managers and its proprietary Niva operational and IBIT decision-support platforms. Its offering spans four core divisions: Shekel Pension (קרן פנסיה, ביטוח חיים, ביטוח מנהלים, VIP Executive services), Shekel Finance (קרן השתלמות, קופת גמל, ניהול תיקי ניירות ערך), Shekel Health (private and group health insurance), and Shekel Vehicles and Apartments (car, home, travel, business, and specialized insurance).

Product overview

Shekel is a large Israeli insurance agency owned by Phoenix Holdings, managing pension arrangements, finance, health, and general insurance for over 250,000 customers across 5,500 organizations. The company operates as a multi-product platform organized into four core divisions: Shekel Pension (pension fund, life insurance, executive insurance, work incapacity insurance, שקל EXECUTIVE VIP services, and Retirement Center), Shekel Finance (study funds, provident funds, investment provident funds, savings policies, securities portfolio management, retirement savings, and Amendment 190 planning), Shekel Health (private health insurance, group health insurance), and Shekel Vehicles and Apartments (car insurance, home insurance, travel insurance, disabled car insurance, mortgage insurance, business insurance, cyber insurance, professional liability, directors insurance, and war/terror insurance). The company operates proprietary internal technology systems (Niva software house and IBIT decision support system) and provides digital platforms including a personal customer portal, employer portal, and Shekel TV video content. Multiple subsidiary ventures (Lev HaDekel, Orot Maya, Nova Agent House, Eshkol For You) and branded projects (Shekel Premium, Shekel Marcus, Shekel Blum, etc.) operate under the Shekel Group umbrella providing specialized services.

Differentiator

Problem solved

Functional benefit

Brands

• Shekel Pension (שקל פנסיוני): Pension fund management, pension arrangements, and retirement planning services
• Shekel Finance (שקל פיננסי)
• Shekel Health (שקל בריאות)
• Shekel Vehicles and Apartments (שקל רכב ודירה)
• Shekel EXECUTIVE (שקל אקזקיוטיב)
• Niva (ניבה)
• Lev HaDekel (לב הדקל)
• Orot Maya (אורות מאיה)
• Nova Agent House
• Eshkol For You (אשכול פור יו)
• Shekel TV

Products and services

• Shekel Pension (שקל פנסיוני) Pension management division offering pension funds, life insurance, executive insurance, work incapacity insurance, retirement planning, and VIP services for senior executives and high-net-worth individuals.
• Shekel Finance (שקל פיננסי) Financial products division managing study funds, provident funds, investment provident funds, savings policies, securities portfolio management, retirement savings, and Amendment 190 tax-advantaged savings planning.
• Shekel Health (שקל בריאות) Health insurance division offering private and group health insurance for organizations, including serious-illness coverage and nursing insurance.
• Shekel Vehicles and Apartments (שקל רכב ודירה) Property and vehicle insurance division offering car, home, travel, business, mortgage, cyber, professional liability, directors and officers, war and terror damage, and specialized insurance products.
• Shekel EXECUTIVE (שקל אקזקיוטיב) Premium VIP service for senior executives and high-net-worth individuals providing personalized portfolio management, ongoing pension advisory, financial investment monitoring, and retirement planning.
• Lev HaDekel (לב הדקל) Boutique Pension Agency Wholly-owned boutique subsidiary agency focused on managing pension arrangements with emphasis on personalized service. Operates the ASL Life Insurance Agency (1999) Ltd. subsidiary.
• Orot Maya (אורות מאיה) Insurance Agency Wholly-owned subsidiary insurance agency specializing in life insurance and elementary car and business insurance, established 2013.
• Nova Agent House Wholly-owned subsidiary platform providing independent insurance agents access to Shekel Group's capabilities, technology, and product range.
• Eshkol For You (אשכול פור יו) Wholly-owned subsidiary insurance agency specializing in elementary insurance (car, apartment, travel, business), also acting as agent for dozens of other insurance agents.

Quantifiable outcome

• 30 million NIS received by Shekel insureds in health claims in 2019
• +1 more outcomes

Named customers18 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Niva (ניבה) - Internal Software HousecoreTechnology or IntegrationNiva is Shekel Group's internal software development center. It develops proprietary decision support, control and monitoring software for pension and insurance management. This internal capability differentiates Shekel from other insurance agencies.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Others

• Marsh McLennan: Global insurance brokerage and risk management firm operating Marsh (brokerage), Guy Carpenter (reinsurance), and Mercer (consulting). Serves as international peer reference for Shekel's insurance intermediation business model at enterprise scale.
• Aon plc: Global insurance and reinsurance brokerage providing risk management, insurance placement, and advisory services. Comparable to Shekel's agency model at global scale, serving corporate benefits and commercial insurance buyers.

Broad incumbents

• Harel Insurance Investments and Financial Services: One of the largest Israeli insurance and financial groups, offering life insurance, health, P&C, and investment products through both direct channels and agency operations. Comparable to Shekel across pension, health, and general insurance categories.
• Migdal Insurance Company: Leading Israeli insurance and financial services company offering pension, life insurance, health insurance, and investment products through both direct and agency channels. Directly comparable to Shekel's product breadth and B2B distribution focus.
• Menora Mivtachim Insurance: Israeli insurance and financial group specializing in life insurance, pension, health, and investment products. Comparable to Shekel in serving employer benefit programs and operating across multiple insurance verticals in the Israeli market.
• Clal Insurance (Clal Group): Major Israeli insurance company providing life, health, property and casualty insurance, and financial services. Competes with Shekel in agency services for employer-sponsored benefits and pension management.

Direct peers

• Excellence Investments: Israeli financial services firm offering pension, insurance, and investment products for individuals and employers. Overlaps with Shekel in employer-sponsored benefits distribution and study fund/provident fund advisory.
• Psagot Investment House: Israeli investment house offering pension, provident fund, study fund, and insurance products to individuals and employers. Comparable to Shekel Finance in financial product distribution for corporate clients in Israel.
• Phoenix Holdings: Israeli insurance and financial conglomerate listed on the Tel Aviv Stock Exchange; owner of Shekel Agency (2008) Ltd. and operates directly in life, health, P&C, and investment products. Competes with Shekel in the same Israeli insurance market while also being its parent.
• Altshuler Shaham Insurance and Investment House: Israeli insurance and investment house offering pension management, life insurance, and investment advisory services. Competes directly with Shekel in B2B employer benefits distribution and study fund/provident fund management.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/ShekelGroup
• Facebookfacebook.com/shekelgroup
• LinkedInlinkedin.com/company/shekel-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shekel