Madanes Insurance Agency

What Madanes Insurance Agency does

Madanes Insurance Agency is an Israel-based insurance brokerage founded in 1972 and headquartered in Tel Aviv, operating through four business divisions across insurance, pension, and financial services. The firm distributes a full-spectrum portfolio including private and group health insurance, commercial lines (D&O, cyber, office, technology companies), professional liability (doctors, dentists, lawyers, accountants, life-sciences), life and risk insurance, pensions, and wealth management. Distribution is executed through a 350-person agent force organized into Individual/Private and Collective/Group divisions, supported by phone, WhatsApp, and website-based quote channels. The firm serves hundreds of thousands of business and private clients, with approximately one million customers insured in the collective health segment.

The business model is primarily commission-based on recurring annual premiums across multiple product lines, supplemented by advisory fees from wealth management and pension services delivered through wholly-owned subsidiaries Madanes Capital and Madanes Key. Madanes holds exclusive designated-provider arrangements with four major Israeli professional associations (Israeli Bar Association, Israeli Medical Association, Institute of CPAs, Israeli Dentists Association) and acts as the Israeli representative of Acrisure (a top-5 global broker) and a member of WBN, providing access to international insurance markets for complex commercial risks. Additional subsidiaries include MCI (medical claims and risk management), Option Insurance (coverage for pre-existing health conditions), Hidoc (telemedicine platform), and Dar Madanes North (regional operations).

The firm is privately held and family-owned, with the Madanes family retaining leadership (Shuki Madanes as Chairman, Ohad Madanes as Vice Chairman) alongside professional management (CEO Boaz Robin). Operating since 1972, Madanes has no external funding rounds or PE involvement, indicating self-funded growth. Technology is primarily traditional — a website-based quote system, digital customer service platforms, and an internal BI team — with no proprietary insurance platform, AI/ML capabilities, or public API disclosed. The Lloyd's of London relationship and the Acrisure partnership provide underwriting capacity and international reach typically unavailable to mid-sized domestic brokers.

Name

Madanes Insurance Agency

Legal name

Madanes Insurance Agency Ltd. (מדנס סוכנות לביטוח בע"מ)

Website

https://madanes.com

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

101–250 employees

Short description

Madanes Insurance Agency is a Tel Aviv-based, family-owned insurance brokerage founded in 1972, distributing health, commercial, professional liability, life, and pension products through 350 agents to hundreds of thousands of Israeli clients, with exclusive partnerships across major professional associations and international access via Acrisure and WBN.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421), Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurtech-Enabled Brokerage (Digital Brokers & Aggregators) (FSAEADAN)

akta.pro secondary industries

Management Liability (D&O/EPL/Fiduciary) (FSAJAGAD), Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

Keywords

• Insurance brokerage services
• Professional liability insurance
• Group health insurance
• Pension and financial planning
• Commercial insurance brokerage

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Policy Commissions: Madanes earns commissions on insurance policies sold and underwritten through its agency, ranging across health, life, property, casualty, professional liability, and pension products. The company is licensed to broker pension, general, and marine insurance in Israel.
2. Advisory and Financial Planning Services: Madanes provides financial advisory services including pension planning, retirement planning, investment portfolio management, and wealth management through subsidiaries Madanes Capital (wealth management boutique) and Madanes Key (pension agency), earning advisory fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Madanes Insurance Agency is a comprehensive Israeli insurance brokerage founded in 1972 that brokers health, life, property, casualty, professional liability, pension, and commercial insurance products for individual consumers, professional groups, and corporate clients. The company operates 350+ licensed insurance agents across four business divisions and serves as the official Israeli representative of Acrisure, providing clients with access to international insurance markets. It is also the designated insurance provider for major Israeli professional associations including the Bar Association, Medical Association, Institute of CPAs, and Dentists Association.

Product overview

Madanes Insurance Agency (Madanes) is a comprehensive insurance brokerage offering a broad portfolio of insurance, pension, and financial products and services through multiple business divisions (4 divisions, 350+ professional staff). The portfolio is organized into two main pillars: (1) Individual/Business Insurance covering health insurance (private, group/organizational), commercial insurance (D&O, cyber, office, technology companies), professional liability (doctors, dentists, lawyers, accountants, engineers, architects, paramedics, alternative medicine), life & risk insurance, motor, travel, home, and mortgage; and (2) Pension & Financial Services covering pension arrangements, retirement planning, investment portfolios, study/severance/provident funds. Key sub-brands include Madanes Key (pension agency), Madanes Capital (wealth management), Option (insurance for people with health conditions), Hidoc (online medical consultation platform), and MCI (medical claims and risk management). Madanes also serves as the Israeli representative of Acrisure (global insurance broker) and WBN (global insurance network), providing access to international insurance solutions.

Differentiator

Problem solved

Functional benefit

Brands

• MCI: Medical risk management and medicolegal services including consent form development and legal consultation for medical professionals
• Madanes Key
• Option
• Hidoc

Products and services

• Private Health Insurance (ביטוח בריאות פרטי) Private health insurance coverage for individual consumers, providing protection for medical cases not covered by Israel's public health funds, including medications outside the health basket, overseas surgeries, transplants, and specialist services.
• Group Health Insurance (ביטוח בריאות לארגונים וחברות) Group health insurance for organizations and companies, tailored to employee needs with coverage for medical services, transplants, and specialized treatments. Madanes is the largest collective health insurance broker in Israel, covering approximately one million customers in this segment.
• Commercial Insurance (ביטוח מסחרי) Commercial insurance policies providing customized coverage for businesses including D&O liability, cyber insurance, office insurance, clinic insurance, technology company coverage, and multi-line commercial coverage across all sectors.
• Professional Liability Insurance (ביטוח אחריות מקצועית) Professional liability insurance protecting professionals against claims arising from breach of professional duty, negligence, or omission, covering doctors, dentists, lawyers, accountants, and other licensed professionals.
• Pension Arrangements (הסדרים פנסיוניים) Pension insurance ensuring income replacement upon retirement, death, or disability, including pension funds, managers' insurance, provident funds, study funds, and severance funds, offered through the Madanes Key subsidiary.
• Insurance Programs for Physicians (תוכניות ביטוח לרופאים) Specialized insurance programs for physicians covering professional liability, clinic and practice insurance, with coverage for medical institutions and paramedical professionals, developed in partnership with the Israeli Medical Association.
• Insurance Programs for Accountants (תוכניות ביטוח לרואי חשבון) Insurance programs for accountants including professional liability, CPA office insurance, group health insurance discounted for Institute of CPA members, life risk, dental, and pension coverage.
• Insurance Programs for Lawyers (תוכניות ביטוח לעורכי דין) Insurance programs for lawyers including professional liability, office insurance, health insurance, dental insurance, life risk, and pension, as the official designated choice of the Israeli Bar Association for 10 consecutive years.
• Life Sciences Companies Insurance (ביטוח לחברות מדעי החיים) Modular combined insurance policy for life sciences companies covering professional liability, third-party liability, product liability, cyber, and clinical trials in a single integrated policy, with access to Lloyd's of London underwriters.
• M&A Representations and Warranties Insurance (ביטוח מצגים) Insurance protecting all parties involved in M&A transactions against losses arising from inaccuracies or breaches of representations made about the target company.
• MCI — Medical Claims and Risk Management (MCI – ניהול תביעות וסיכונים ברפואה) A Madanes subsidiary providing medical claims management, legal consultation, representation services, and development of informed consent forms in partnership with the Israeli Medical Association.
• Madanes Key — Pension Insurance Agency (מדנס קי – סוכנות ביטוח פנסיוני) A wholly-owned Madanes subsidiary specializing in establishing and managing pension and financial systems for companies and individuals, led by CEO Yaakov Shmaya.
• Madanes Capital (מדנס קפיטל) A wealth management boutique providing holistic financial planning and capital management services for high-net-worth individuals, founded in 2014 by CEO Orly Harari.
• Option Insurance Agency (אופציה סוכנות לביטוח בע"מ) A Madanes subsidiary offering insurance solutions for individuals in any health condition, enabling insurance access regardless of pre-existing health status.
• Hidoc — Online Medical Consultation (Hidoc – ייעוץ רפואי אונליין) A Madanes-founded platform enabling users to schedule private video consultations with medical specialists quickly and conveniently.
• Financial Services (שירותים פיננסיים) Financial services including retirement planning, investment portfolios, savings plans, severance funds, study funds, provident funds, and comprehensive pension management.

Quantifiable outcome

• Approximately 1 million customers insured in the collective health insurance segment
• +1 more outcomes

Named customers18 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• AcrisurecoreChannel Partner/ Reseller/ DistributorMadanes serves as the official representative of Acrisure in Israel. Acrisure is one of the world's five largest insurance brokerages, specializing in risk management, insurance, and reinsurance for businesses. This partnership provides Madanes clients with access to international insurance markets, global coverage programs, and advanced risk assessment technologies for complex commercial risks in Israel and abroad.
• WBN (Worldwide Broker Network)coreChannel Partner/ Reseller/ DistributorWBN is a global insurance network with over 150 member agencies across more than 100 countries. Madanes operates as a member, enabling cross-border insurance solutions for Israeli clients with international operations and access to global insurance expertise.
• Israeli Medical Association (IMAH / ההסתדרות הרפואית)coreStrategic or Co-development PartnerMadanes partners with the Israeli Medical Association (IMAH) and its scientific associations to develop medical informed consent forms and risk management programs for physicians. MCI, a Madanes subsidiary, operates jointly with IMAH to develop consent forms for medical procedures.
• Israeli Bar Association (לשכת עורכי הדין)coreStrategic or Co-development PartnerMadanes is the official designated insurance provider for the Israeli Bar Association, having held this status for 10 consecutive years. The partnership involves co-developed insurance products including professional liability and group health plans specifically designed for member lawyers and their families.
• Institute of Certified Public Accountants in IsraelcoreStrategic or Co-development PartnerMadanes developed a group health insurance plan specifically for members of the Institute of Certified Public Accountants in Israel, in partnership with the Institute and Phoenix insurance company. The plan includes discounted health coverage, dental insurance, and supplementary benefits.
• Israeli Dentists Association (ההסתדרות לרפואת שיניים)coreStrategic or Co-development PartnerMadanes partners with the Israeli Dentists Association (Harash) to provide group health insurance plans for member dentists and their families, including specialized dental coverage, personal accident coverage, and pension planning services.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Aon Israel: Local arm of Aon plc, one of the world's largest insurance brokers. Directly competes with Madanes for large Israeli corporate accounts and provides international risk-transfer services, overlapping with Madanes's Acrisure-led international capabilities.
• Marsh Israel: Israel operation of Marsh McLennan, the world's largest insurance broker. Competes on Israeli enterprise, D&O, and cross-border risk placements — many of the same lines Madanes offers via Acrisure and Lloyd's.
• Willis Towers Watson (WTW) Israel: Global insurance and risk-management firm with an Israeli presence. Competes for Israeli enterprise clients seeking global insurance programs, particularly in tech, life sciences, and financial lines — Madanes's specialty segments.

Direct peers

• Migdal Insurance and Financial Holdings: One of Israel's largest insurance groups providing life, health, and pension products through agency networks. Targets overlapping Israeli customer segments — group benefits, professional indemnity, and wealth-management clients.
• Clal Insurance Enterprises Holdings: Major Israeli insurance group with broad agency and carrier operations across health, life, and commercial lines. Competes directly with Madanes for Israeli enterprise and group health mandates, including professional association partnerships.
• Phoenix Insurance Company (Israel): Large Israeli insurance carrier and agency group offering multi-line products. Partner with Madanes on the CPA Institute health plan but also a competing distribution channel serving similar professional and corporate customers in Israel.
• Harel Insurance Investments & Financial Services: One of Israel's largest insurance and financial services groups operating both as a carrier and a multi-line agency. Competes head-to-head with Madanes across health, life, P&C, and pension products through both direct and agency channels in Israel.
• Altshuler-Shaham Insurance Agency: Israeli insurance agency/broker offering multi-line personal and commercial coverage. Operates in the same Israeli distribution market as Madanes and targets similar consumer and SME segments.
• Menora Mivtachim Insurance and Financial Services: Israeli insurance and financial services group with strong direct distribution in group health and pension. Overlaps materially with Madanes on group health benefits and collective health placements.

Emerging players

• Howden Israel: Fast-growing specialty insurance broker expanding its Israeli footprint. Competes for specialty and complex-risk placements — including D&O, cyber, and life sciences — where Madanes is also active.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/madanes-insurance-agency-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 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 Madanes Insurance Agency