ELEMENT: The digital evolution in the world of insurance
ELEMENT is Germany’s first technology platform with the insurance license for the property and casualty sector. With their “Insurance-as-a-platform” approach, they enable their partners in various industries, from online retailers, insurtechs, brokers, to traditional insurers, to create customized products. ELEMENT is a fully digital insurer that responds to changing customer behavior and the requirements for all services on a portal.
ELEMENT received its insurance license by the German Federal Financial Supervisory Authority (BaFin). Acting as a risk carrier, they are able to offer private property and casualty insurance products for home, liability, accident lines and more. ELEMENT insurance enables a large portfolio of retail insurance products. Their solutions are designed to optimize the customer relationships of their partners: insurtechs, e-commerce companies, brokers, other insurers, and the like.
Insurance carriers are built to supply static solutions in huge volumes to conservative sales outlets. ELEMENT can catalyze the advent of more modern and individual sales approaches, and they can support the classic sales organizations adapting to 21st century customer demands.
Rethinking insurance today!
With modern technology and a smart approach to data ELEMENT makes it possible for insurance to be 100% digital. It’s time to rethink, it’s time to restart! It’s time for a digital insurer that can fulfill the demands of tomorrow with a unified, coherent and cross-device user-experience. Their solutions are designed to optimize the customer relationships of their partners: insurtechs, e-commerce companies, brokers, other insurers, and the like. Offering speed and tailor-made solutions.
How it works
ELEMENT is a fully licensed risk carrier by the German BaFin, which means, they can build and design insurance products without third parties, which makes ELEMENT incredibly flexible and fast. Their mission is to enable partners to sell fully digital insurance products to their customers and leverage the modules of the ELEMENT platform that they need. When they speak about partners, they refer to:
- some of the largest online platform in Germany
- eCommerce players, who sell insurance products as part of their check-out process
- digital brokers and pools
- insurers, who want to launch a new product in just weeks or outsource whole pre-existing product lines onto a fully digital insurance platform that seamlessly integrates into all pre-existing sales channels.
ELEMENT can serve a variety of different players, because partners can choose the ELEMENT’s they want to use. An insurer or MGA can use ELEMENT’s risk carrying, insurance product, API based purchase flow and claims handling or just use their own claims handling. ELEMENT’s delivers all the infrastructure parts of the value chain and their partners take care of the sales, distribution and client relationship.
Why we selected ELEMENT for the previous DIA Amsterdam edition
We selected ELEMENT for DIA Amsterdam because they really rethink insurance. ELEMENT is a true digital insurer with a unified, coherent and cross-device user-experience. Their solutions are designed to optimize the customer relationships of their partners: insurtechs, e-commerce companies, brokers, other insurers, and the like. They want to help reshaping the image of insurance after the modern customer demand; individual, accessible, convenient. ELEMENT is a true digital insurance product factory.
Who is ELEMENT?
Berlin-based ELEMENT is founded in January 2017, as a white-label B2B2X tech company with a P&C BaGin license providing insurance products and fully digital processes. In their seed investment they got support mainly from FinLeap, Europe’s largest FinTech company builder and Signal Iduna, a German insurance company.
“ELEMENT rethinks insurance for its partner’s clients. With creativity and our modular insurance factory we build embedded and personalized insurance solutions
ELEMENT Insurance sets the standard for creating ease of mind. Their insurance solution integrates smoothly into the everyday life of their customers, convenient, accessible and highly individual.” Christian Macht, CEO ELEMENT
Henning Groß (CTO), Sascha Herwig (Board Member), and Wolff Graulich (Board Member).