SIGNAL IDUNA and Element enter partnership
The insurance company and the digital insurance platform want to promote digitization in the market together
Dortmund/Berlin, 6. June 2017 - The SIGNAL IDUNA Group and the digital insurance platform, Element, announce their partnership. The aim of the partnership is the development and improvement of new products and services. Currently, Element submitted a license application under the German law on the supervision of insurance companies (VAG) to the German Federal Financial Supervisory Authority (BaFin) to be able to serve its partners in established divisions, such as private property, accident and liability, but also in new fields such as cyber risks.
Founded by the Company Builder, FinLeap, Element is a platform that allows partners to create innovative and digital products in the field of property insurance. The cooperation with SIGNAL IDUNA is Element’s first partnership with an established insurance company - one of Element's core target groups, in addition to InsurTechs, e-commerce providers and brokers. The aim of the cooperation is to completely digitize business processes from the core to the end customer and to develop new insurance products, using the experience of a traditional company such as SIGNAL IDUNA.
The intention of the collaboration is to advance the development of new services and to drastically shorten the periods spent in product development. The main focus hereby lies on cybersecurity and property insurance.
Element is a digital insurance platform, founded in March 2017 by Company Builder, FinLeap. Element submitted a license application under the German law on the supervision of insurance companies (VAG) to the German Federal Financial Supervisory Authority (BaFin). After receiving the licence, Element will be able to become a risk carrier offering private property and casualty insurance products for home, liability and accident lines that enable a large portfolio of retail protection products. With its “Insurance-as-a-platform” approach, Element enables it’s partners from different sectors; from e-commerce up to traditional insurers, to create individual and custom-made insurance products for their respective customers. Element is lead by Board member Dr. Wolff Graulich and CTO Henning Groß.
About SIGNAL IDUNA Group
The SIGNAL IDUNA Group was founded more than 100 years ago by craftsmen and businessmen in Dortmund and Hamburg and goes back to small medical support kits. Today SIGNAL IDUNA is providing insurance and financial services for every target group. Their distribution network is one of the greatest among the insurance landscape. The company deals with more than twelve million clients and contracts and generates an income of about 5,6 million euros.
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