Four insurance company CEOs in a dispute with agents: "Transferring money from those who lost to those who will lose"

Four insurance company CEOs clashed with agents at the Israel Insurance Agents Association conference in Eilat. Ronen Agassi (Migdal) and Yoram Naveh (Clal) attacked the compensation model that encourages excessive client churn and harms savers. Nir Cohen (Harel) and Michael Kalman (Menora Mivtachim) defended the agents, calling the criticism populist and shallow.

Four insurance company CEOs – Ronen Agassi (Migdal), Yoram Naveh (Clal), Nir Cohen (Harel), and Michael Kalman (Menora Mivtachim) – confronted insurance agents at the annual conference of the Israel Insurance Agents Association in Eilat. Agassi and Naveh attacked the existing compensation model, which they said encourages excessive client churn between savings entities ("twisting") and harms savers. Agassi stated, "We are transferring money from those who lost to those who will lose." Naveh added that excessive churn undermines the ability to invest in alternative assets and infrastructure. Cohen and Kalman defended the agents: Cohen called the criticism "populist" and argued that the market is private and requires no intervention. Kalman said that focusing solely on compensation is a "shallow perspective." The association's president, Moshik Ben Porat, proposed measuring and rewarding agents based on client portfolio retention rather than transfers.

Four insurance company CEOs in a dispute with agents: "Transferring money from those who lost to those who will lose"