Digital Insurance Agenda

ELEMENT: Digital pet health insurance is the key to your customers’ hearts

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Mar 5, 2021

As the covid pandemic wears on, one of the unexpected side effects has been that in many countries there is a surge in demand for pets. With people stuck at home for long periods of time during lengthy lockdowns, this seems to be the right moment for many to bring home a pet. This development seems to bode well for the pet health insurance market, which in many European countries isn’t very well developed yet. 

Looking at the German market for pet health insurance, there is still a lot of room for growth. Compared to the UK, a much more developed market, there is great potential for this market segment in Germany: an estimated €230 million market volume, with 16% growth per year on average, for the next 10 years. Some of the barriers that seem to be holding back development of this insurance segment are high setup costs and functional requirements needed to create a new pet health cover. Tariffs and pricing also demand a lot of specialized efforts, especially taking all breeds of a particular type of pet into account. This is where ELEMENT can help.

ELEMENT has developed a digital white-label insurance product for pet health for the German market. Thanks to their proprietary tech-platform they’ve created a pet health insurance solution that is unique for the German market. They offer their pet health solution as a completely white-label product, so the look-and-feel of the product can be fully adjusted to their partners’ brand designs, creating a seamless experience for their customers. One of the biggest benefits for insurers is that this approach leads to very low costs for IT and tech related matters – a unique chance for insurers to go-to-market very quickly and with low setup costs.

How it works
Central to ELEMENT’s offer is their innovative product platform, that enables them to develop tailor-made insurance products for insurers within a very short timeframe. All products are 100% digital and white label, so that insurers can add their own branding elements. Thanks to their modular business model, ELEMENT can work with insurers to take care of different parts of the value chain, for example claims settlement or premium collection. 

Strengthen customer relationships and gain new customers with pet health insurance
Pets are often compared to children – they’re very close to people’s hearts. Dogs, cats and other pets are considered beloved family members, so it’s no surprise that pet health care is an emotional topic and choosing the right health insurance for pets is important. With a great pet health insurance offer and excellent customer care, insurers are holding the key to their customers’ hearts and have the opportunity to strengthen their customer relationships. 
Currently though, only a small group of pet owners are well insured, so experts in the sector expect to see an increase in offerings to help owners to better protect their pets’ health. “At the moment, only 8-10% of dog owners are insured against veterinary costs. Since veterinary costs have been increased by the legislator this year, in some cases significantly, the demand for insurance cover will increase strongly in the medium term.” says Roman Safranov – CEO of Pfotendoctor, a telemedicine service provider for pet owners.  

Pet health insurance not only helps to strengthen existing customer relationships, it is also a great marketing tool to target and attract new customer segments, especially younger segments like Gen Y and Gen Z. A recent survey from YouGov has shown that 53% from Gen Z and 59% of Gen Y would only buy pet health insurance from an insurance company. 

A strong digital offer
ELEMENT offers a fully digital pet health insurance solution. This is in line with what customers want: according to the same YouGov survey, the majority of customers would buy pet health insurance online. With ELEMENT’s solution, insurers will get a fully digital product that is seamlessly integrated, easy to administer, allows for flexible commission and gives them the opportunity to work with discounts for loyal customers. 

The integration of ELEMENT’s pet health insurance solution offers insurers the opportunity to participate in one of the fastest growing segments in insurance. With ELEMENT’s white-label pet health- and liability solutions they’ll be completely in charge of handling their customers and can offer them a sustainable product with unlimited market potential. 

Who is ELEMENT
ELEMENT was founded by fintech company builder finleap in 2017 and is still part of finleap’s large ecosystem. Licensed as direct insurer for P&C by the German supervisory authorities, ELEMENT can offer its fully digital insurance solutions in all EU-countries. ELEMENT supplies its in-house underwritten solutions to more than 25 partners from the insurance business and beyond. Key partners include Volkswagen, Vodafone and a big European internet provider.
ELEMENT’s headquarters are based in Berlin. Their team of 100 employees is very diverse, with people from 25 different nationalities and a variety of backgrounds, all working together to create great digital insurance solutions. 


“As the first fully licensed German insurtech, ELEMENT stands for innovative and individualised insurance solutions, that go beyond the ‘one-size-fits-most’ approach of traditional insurance products. With our fully digital and customer-centric products, we will work with our partners to shape the future of insurance – with ELEMENT as the digital backbone.”
Christian Macht, CEO and Founder ELEMENT

https://www.element.in/

Check out their DIA Prime Time video here:
https://www.digitalinsuranceagenda.com/dia-tv/video/full-stack-insurtech-which-supports-mobility-ecosystems/ 

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