Berlin-based ELEMENT Insurance claims it is a product factory for insurance and a leader in insurance digitalisation. It is the first young company licensed by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) as a direct insurer for non-life insurance, which enables ELEMENT to act as a risk carrier, including claims settlement, in 28 countries across Europe.
Founded in March 2017, ELEMENT offers a unique technology platform (‘insurance as a platform’) with a focus on the B2B2X (where a provider delivers digital services to an endless combination of end-users) value chain. ELEMENT develops custom-made, innovative white-label insurance products at record speed for its more than 15 partners from various industries, including e-commerce to established insurers.
These products are then marketed by the partners under their own brand. At the end of 2018, ELEMENT closed the Series A funding round with a total of €29 million ($31.9 million) in investment.
Headquarters: Berlin, Germany