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3 Adar 5767 - February 21, 2007 | Mordecai Plaut, director Published Weekly
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NEWS
EMI Mortgage Insurance Enters Chareidi Sector

By R. Gil

Companies continue to view the chareidi public as an attractive marketing target based on its potential for personal growth. EMI, an Israeli mortgage insurance company and a part of the worldwide AIG Group, has been active in Israel since 1995. Now the company has decided to try to penetrate the chareidi sector following in-depth market surveys it conducted.

The company, which offers an attractive loan insurance program, is considered a "cushion" for the banks, since it allows mortgage banks to grant bigger loans. Bank loans are normally in Israel limited to 60-70 percent of the value of the property being purchased. The company allows borrowers to take out loans of up to 95 percent of the value of the apartment, by selling insurance for the 20-30 percent difference while keeping premiums low.

The strategic move EMI has been formulating in recent months is based on the high purchasing rate for apartments in the chareidi sector, which is rising relative to the general population.

The company has recruited and trained chareidi employees and hired the services of Netto Advertising to lead the move. During the coming month the agency plans to run a high-budget campaign throughout the chareidi media in addition to activities and explanatory brochures at all mortgage bank branches serving the chareidi public. The brochures were modified to accommodate the desires of chareidi customers. The company also has plans for cooperative agreements with figures in the areas of real estate and banking.

 

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