Israeli app RobinHood puts pensions plans in order

RobinHood app Photo: PR
RobinHood app Photo: PR

The company's app tells users where their pension is, how much they have saved, and what their monthly pension will be.

Robin Hood PRO, a new Israeli startup, will try to bring order to pension plan products that many consumers have trouble understanding, and will help them decide what pension track is preferable for each consumer. The RobinHood app, which the company describes as a social-financial venture, monitors, manages and streamlines all the pension, insurance, and savings plans, using an algorithm that purports to replace the traditional insurance agent.

RobinHood is connected to the Ministry of Finance's pension clearing house, which contains information on the insurance companies and investment houses, pension agents at banks and independent advisers, employers, and savers. Every user registered for the app is connected through the pension clearing house, and receives an up-to-date status report on all his insurance and pension plans, and on the existing substitutes.

The app enables the user to understand where his pension money is kept, how much he has saved to date, and what monthly pension payment he can expect after retirement. The system also facilitates possible upgrades at the click of a button and consultation with online experts. The figures are encoded in a technological safe meeting both the Ministry of Finance standard and the PCI standard for encoding a credit card.

The company says that the platform collects all the user's pension data, and provides the customer with the objectively best and most suitable alternative from 1,500 tracks at 100 different investment houses, taking into account the funds' returns, management fees, level of risk, and other variables in public systems.

According to the company, RobinHood is not linked to any particular insurance provider or data trader; it operates according to objective parameters such as returns, level of risk, size of the fund, positive and negative growth trends, actuarial balance, etc.

The company's business model is based on commissions on any change in the customer's portfolio. If only information is retrieved, without any change being made, the company receives no revenue from the customer. Private investors have invested $2 million to date in developing the app.

Robin Hood PRO founder and CEO Yossi Yarkoni said, "RobinHood is a social-financial venture founded in order to make dealing in finances simpler. We have removed the complexity and confusion, while leaving the basic information of interest to everyone, so that we can enable people to connect with their money easily and achieve control over their future. The financial state of people in Israel is a black hole for many of them. People are losing a significant proportion of their savings because of a lack of information, conceptual obstacles, and an absence of motivation for acting in the financial sphere. The insurance companies are taking advantage of this situation to increase their profits."

Yarkoni founded and headed Digimo, a financial startup that offered clearance services to business owners through their own application. He previously served in a variety of management positions in advertising and marketing as VP marketing at Mizrahi Tefahot Bank (TASE:MZTF) and CEO of the Publicis Israel advertising firm. He was joined by Erez Weinroth, founder and CEO of Kanarit, a strategic consultant company for startups and chief scientist at BreezoMeter, a startup for monitoring air quality; Anita Chor, former global VP human resources at Delta Galil Industries Ltd. (Pink Sheet: DELTY; TASE: DELT), Mirs, and Motorola; and former Better Place private sector division manager Odelia Cohen.

Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

RobinHood app Photo: PR
RobinHood app Photo: PR
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