Coface — Brochure 2018

Pushing the boundaries of market share in Israel’s insurance sector

Pushing the boundaries of market share in Israel’s insurance sector WRIT TEN BY

SE AN GA LE A-PACE PRODUCED BY

K ARIM M AS SA AD

Carmine Mandola, CEO of Coface Israel, discusses the importance of delivering a high-class service to customers and his success in holding a 15% market share of Israel’s credit insurance industry

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stablishing a new venture with the goal of enabling clients to become profitable, dependable and successful is no easy task.

In addition, setting up a business and helping it thrive is a different proposition entirely.

As Chief Executive Officer of Coface Israel, Carmine Mandola, understands these challenges all too well.

Since his appointment as CEO, he has sought to address the difficulties of launching the business in Israel.

“Israel is a wonderful and very interesting country; however, it is extremely difficult for negotiation and new business,” he says.

“I think that my background and origin helped me to face the biggest challenges as I have experience in holding strong negotiations, dealing with well-known competitors and finding the right people to succeed.”

Having first joined Israel in July 2014 during the last

Carmine Mandola, CEO, Coface Israel

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conflict, Mandola created the branch on his own in September 2014 before obtaining a credit insurance license in October 2014,

€1354.9m Turnover

leading to the official opening of the company’s offices in January 2015.

“At the beginning, it was very difficult because we were facing two big competitors that have

4,100 Employees

been in the market for 45 years. However, we found our way to achieve success by offering new solutions, fair commercial terms and a good quality service,” he adds.

“I believe the market was waiting for a third

86.6%

(Combined ratio)

player with innovative ideas and an international approach.”

Making tough decisions With previous experience working in senior

£83.2m Net profit

level roles, working for companies such as the Rotarex Group, Burgo Group, Indesit Group and FCA Group, Mandola prides himself on being proactive and adopts the mantra: “you will never win if you never begin,”

50,000 Clients

believing it is the tough decisions that have enabled him to keep his businesses lean and successful in challenging markets.

Upon the launch of Coface Israel’s offices under Mandola’s stewardship in 2015, four other employees joined to begin the venture into Israel’s competitive insurance market. Now in

200

Countries where products and services are offered

2018, Coface Israel currently has 25 employees w w w.c o fa ce. co. il

and sees a turnover of ILS60mn a year.

Nonetheless, Mandola points to the value of the way his company serves its customers as paramount to the success Coface has achieved, with the importance of word of mouth at the top of his agenda.

“When you have satisfied customers, they talk about you, the company and the service in a very positive way. Most of the time people will come to us because of word of mouth from someone that has tried our product and our services,” explains Mandola.

“If all of the representation of the company, service and product is positive and it comes from customers that you have satisfied then it is much healthier because they can share their positive experiences with friends or with suppliers that can then become future customers.

The process continues because they can then suggest the same service.”

“ Israel is a wonderful and very interesting country; however, it is extremely difficult for negotiation and new business” — Carmine Mandola, CEO, Coface Israel

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Driving change As a result of the emergence of new technologies which continue to expand and grow on an ever-changing basis, businesses have a responsibility to its customers to adapt to and embrace the latest trends.

With this understanding, Coface Israel has introduced group tools such as CofaNet and Tradeliner in a bid to keep ahead of its rivals and maintain its success.

CofaNet enables the firm to set up an online connection to receive its customer’s requests and allows Coface to provide feedback in a timely fashion.

Shortly, a new product will be launched as Easyliner to protect small and medium-sized enterprises’ (SMEs) against unpaid invoices and insolvency of clients when trading or exporting.

“The major trend I am observing at the moment in our industry is linked to the fact that SME’s are asking for credit insurance in order to protect their sales and better manage their risk” says Mandola.

“ It’s not the end of the path. We are the middle of where we want to be hope that within the next three yea market share will be as high as 25% — Carmine Mandola, CEO, Coface Israel

right in e and I ars, our %�

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Carmine Mandola would like to express a special thank you to his team for their continued hard work and dedication to Coface Israel as without them achieving 15% of the market share would have been impossible.

“This has seen Coface Israel respond

There is a lot of work that still needs to

to that demand with Easyliner which I

be done but a key target is to increase

believe is tailor-made for this com-

this percentage further.”

pany segment.”

Mandola believes there are three key phases to remaining profitable and

Gaining market share

generating business when entering

Over the last 3.5 years, Coface Israel’s

Israel’s busy insurance market.

biggest achievement has been to hold

“You have the phase when you first

an impressive 15% market share of the

enter the market and you get some

insurance industry in Israel. However,

customers. The second phase, which

Mandola is adamant that Coface Israel

is where we currently are, is where you

is not finished there.

achieve rapid growth. Lastly, you have

“I believe we can expand this 15%.

to keep going with your ambition in

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order to make sure that your goal is stable and profitable, which is the phase where we are entering into,” emphasizes Mandola.

“It’s not the end of the path. We are right in the middle of where we want to be and I hope that within the next three years, our market share will be as high as 25%.”

“ We thought that when you have customers that are satisfied, they talk about you, the company and about the service in a positive way” — Carmine Mandola, CEO, Coface Israel

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7 Mesada Street (BSR 4 Tower) – Bnei Brak - Israel, 5126002 T +972 3 7623800 www.coface.co.il