The field of pensions is a dynamic one with many and frequent changes. Changes to legislation, taxation and regulation are happening every year, and sometimes every month. This situation forces professionals in the field to be alert, prepared and able to cope. "What was right for a particular account a few years ago can be very bad for it today. The advice given for an account a few years ago is no longer relevant", explain David and Yair Chaitman, owners of Chaiel Insurance Agency (1988) Ltd. "Therefore, we have to constantly monitor the account and make adjustments according to the changes that have taken place".
In its pension schemes, the insurance agency includes adjusting investment tracks to the state of the capital market, something that many agencies do not do, they say. They are also careful to monitor changes in insurance coverage rates, and they contact customers on their initiative to adapt coverage costs to the changes in rates. Customer accounts are checked once every year or two, and investment channels are customized to what is happening in the capital market sometimes more frequently, several times a year.
Experts in investment tracks and planning retirement
The owners of Chaiel Insurance Agency point to a problematic situation in which many people are "routed" to standard investment tracks, and thus, for example, many insurance customers do not invest in a track that matches their needs and wishes, or they invest in a track that is not necessarily suitable for them and they are not even aware of it. What can you do to avoid getting into this situation? David and Yair Chaitman say that every Israeli can change their investment track themselves with the institutional organizations. But the average person does not have suitable knowledge of the capital market and is not really capable of predicting developments in this complex field. The concern is that the "ordinary person" will cause damage to themselves in this way. Therefore, when you identify certain trends in the capital market, it is recommended to rely on the help of a professional insurance agent to make adjustments to the internal mix of investment tracks, as they can shed light on the nature and composition of each investment track within the available choices and enable a wiser choice.
Another important matter with regard to pensions is tax planning. When you retire you need to have the right planning for your particular situation. Otherwise, you may find yourself paying very high income tax. The difference between the amounts paid after tax planning and the amounts paid without this kind of coordination can reach hundreds of thousands of shekels. This subject, too, should be handled by suitable professionals. The Chaiel agency for employee insurance offers experts on planning retirement. In many cases, when reviewing the account with the income tax authorities, collaboration is needed between the insurance agents and lawyers and accountants. This is carried out as part of the service given by the professional insurance agency.
33 years of experience and close guidance in every field
Chaiel Insurance Agency (1988) Ltd. has been active for 33 years, but its roots are even deeper. David Chaitman, the founder, partner and CEO, has been in insurance since 1975. Today his son, Yair, is a partner, VP of the agency and its business manager. One of the agency’s outstanding characteristics is the variety of fields it deals with and the broad spectrum of services that it offers its customers. "Many insurance agencies deal mainly with elementary insurance, or life insurance", Yair Chatman explains. "Our uniqueness, and the reason that many people prefer to work with us is the fact that we are a one-stop shop". We are able to support our customers in all insurance fields and give them suitable solutions and close supervision in every subject and every field – from employees’ social benefits, through insurance for a fleet of cars to insuring a business and its liabilities".
Work in the agency takes place in different departments, each of which is responsible for a particular sphere of activity. The pension department is responsible for pension funds, provident funds, study funds, managers’ insurance and the main compensation funds. The private life insurance department deals with health insurance, and insurance for nursing care, serious illnesses, personal accident, risk, disability, death in an accident, and more. The elementary department is divided into a business department and a private department, where the business department specializes in business insurance, contractor work insurance, professional liability and product liability insurance, various liability insurance policies, electronic equipment insurance, cyber security insurance, etc. The private department specializes in auto insurance, home insurance, condominium committee insurance and other policies. The financial department deals with investments through different channels, managing investment accounts for individuals, companies and institutions and individuals' savings.
From high-tech companies to private customers
Chaiel Insurance Agency emphasize that in the sphere of elementary insurance they are able to "customize insurance from A to Z according to the insured party’s needs", and also to fulfill complex requirements. For example, the agency finds solutions in cases where Israeli companies do not manage to find insurance coverage. For this purpose, they sometimes collaborate with secondary insurers abroad, so that managing the claim and the collection are carried out by Chaiel Insurance Agency in conjunction with the Israeli insurance agency. In this way innovative insurance solutions are found that were not available previously due to the insurance companies' concerns about risks in the occupational profile or other reasons. Original thinking and creativity are also in play when handling more "standard" businesses, and Chaiel Insurance finds insurance solutions that in many cases the customers were not aware of. On the subject of auto insurance, they also manage to surprise, offering attractive rates and terms including for luxury cars and personal imports.
To provide a high-quality service in such a wide range of fields, Chaiel Insurance Agency has a team of dozens of professionals, including insurance agents, lawyers, investment marketers and salespersons – trained, experienced human capital with practical and academic backgrounds.
The customers served by Chaiel Insurance Agency Ltd. are extremely varied, much like the spectrum of services that the agency provides. Among them are high tech companies, leading food companies, large architectural firms, sports associations, including teams in the Israeli Basketball Premier League (insured, for example, with personal accident insurance for athletes), and, of course, tens of thousands of private customers. Because individual care and personal guidance for the customer is perhaps the biggest secret of the agency’s success.