The Phoenix Holdings (TASE: PHOE), the largest insurance company in Israel by market cap, is buying price comparison website Wobi for NIS 150 million. Wobi is an Insurtech platform and digital insurance agent for comparing prices and buying insurance products. It is mainly used for buying compulsory and comprehensive vehicle insurance.
Sources inform "Globes" that insurance agency Oren Mizrah, one of The Phoenix Holdings’ agencies, signed an agreement on Friday for the purchase of all the shares of US company White Mountains, which has an 86% holding in Wobi, and the remaining 14% from the other shareholders.
Wobi is estimated to have cumulative losses, which will be available for offset against profits. Market sources said that "the business model of comparison engines is very expensive to build and maintain and its profitability is low."
There are other comparison engines in the Israeli insurance market, such as Polisa of insurance agency Veritas, owned by insurance company Harel (TASE: HARL), and Bestie, which is 50% owned by insurance company Menora Mivtachim (TASE: MMHD). The comparison engines mainly operate in vehicle insurance, which is the most competitive sector of the insurance market.
According to the information that has reached "Globes", Oren Mizrah will keep the Wobi brand and service, and plans to expand the use of the engine to other products where the competition is less strong and sophisticated, such as home, property, and pets insurance. "The synergy between the Oren Mizrah agency, which specializes in non-life insurance, with Wobi, could generate significant additional profit in the future," the sources said.
The deal was led by Oren Mizrahi chairperson Oren Cohen and Wobi CEO Eran Oren.
Published by Globes, Israel business news - en.globes.co.il - on October 5, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.