Insurance start—up ELEMENT has secured €23m in funding from SBI Investment, SBI Insurance Group, Engel & Völkers Capital, and the Spanish Insurtech investor Alma Mundi Ventures.
Image: Management Team of ELEMENT chief sales officer Richard Hector, chief representative Christian Macht, board member Sascha Herwig, board member Wolff Graulich, chief of staff Anders Johnsen, chief technology Officer Henning Groß. Photo: Courtesy of ELEMENT Insurance AG
Investment was also secured from SIGNAL IDUNA and company builder finleap, which had already backed ELEMENT in the seed financing round.
The new capital will allow ELEMENT to expand its technological platform. Supported by the investments and a strengthened network, the Berlin-based technology company will tackle its first international markets.
ELEMENT chief representative Christian Macht said: “Our success as white-label product factory has convinced the investors to back the growth of ELEMENT. The future in insurance, just as in many other industries, is collaboration: highly specialised market participants that focus on parts of the value chain.
“The new capital supports the development of our technological platform and the automation of relevant functions. This will enable us to implement new insurance products even faster. In 2019, we will expand into new industries and enter our first international markets.”
This year, ELEMENT successfully established itself as a supplier of fully-digital insurance products: ELEMENT provides other companies from various industries with white-labelled products, which they market under their own brands. Thanks to the innovative technology, ELEMENT already implemented products for over fifteen partners in record speed.
Examples of the currently available insurance solutions powered by ELEMENT include Versicherung09, a tailor-made combination of homeowner’s and liability insurance for German football fans in cooperation with insurance group SIGNAL IDUNA, a flight delay insurance with air rights specialist FairPlane, cyber insurances and warranty extensions. The company’s fully digital approach ensures the swift development of bespoke insurance policies even for very specific target groups in a matter of weeks. With a full insurer license in 28 European countries, ELEMENT can act as risk carrier for its partners and cover most of the insurance value chain.
Source: Company Press Release