ELEMENT receives BaFin-license
- As the first fully digital P&C insurer ELEMENT receives the license from the the Federal Financial Supervisory Authority (BaFin)
- The Berlin based company is the first technology platform that establishes a business as licensed risk carrier in the areas of property and casualty insurance
Berlin, October 11, 2017
It is a milestone for the insurance industry as the first German digital insurance company ELEMENT receives permission from the Federal Financial Supervisory Authority (BaFin) after § 8 I Versicherungsaufsichtsgesetz (VAG), the Insurance Supervisory Law for Liability and Casualty.
Wolff Graulich, board member of ELEMENT: “Receiving the BaFin-license and building up an entire insurance platform with a modern API – all of this only took us ten months. Above all, we owe this to our strong and complementary team. We are happy to be live now.”
The range of possible partners for Element ranges from Insurtechs - startups that offer new digital insurance services - to established brands and digital intermediaries who want to widen their service spectrum by offering insurance benefits as well as traditional insurance companies and brokers who want to digitalize processes and offer innovative product solutions. Currently, the insurance industry is not able to offer the needed development and process speed that customers and partners expect and already know from other industries.
“Up until now many brands and companies were repeatedly hitting a wall when collaborating with insurers. Thus, they are not able to fully use the potential of insurance offers yet - especially when it comes to customer retention and additional revenue for the company's benefit. We will change this. And we shorten the time to market to a couple of weeks – fully digital from the application or contract to claims management”, Wolff Graulich adds.
By aligning the IT infrastructure with technical best practices ELEMENT is a real pioneer in the insurance industry. CTO Henning Groß:” We are probably the first insurer in Europe that is exclusively cloud based and uses the most modern IT and API functionalities without any compromises.”
From the beginning of July, Sascha Herwig, former business unit manager at Nürnberger Versicherung, joined the ELEMENT management team in his function as board member. His responsibilities include the product department and operations (contract/damage) where he gathered leadership experience over many years. Due to his comprehensive expertise on the insurance industry, he will also be responsible for managing the end-to-end processes that are important for the platform.
In addition, Richard Hector joins Element as the new Chief Sales Officer (CSO). Before, he worked as Director Sales Europe at AppNexus and at esome advertising technologies and was co-founder of a successful e-commerce start-up in the sports and travel sector.
So the team of technology experts, insurance specialists and digital natives is all set for the market launch in the best way possible.
ELEMENT is a digital insurance platform and was founded in March 2017 by the Fintech company builder FinLeap. ELEMENT offers insurance solutions in the areas of property insurance, accident insurance and liability insurance. With its “insurance-as-a-platform” approach, ELEMENT enables its partners from many sectors (from e-commerce to traditional insurers) to create individual and fitted insurance products for their end customers. ELEMENT is led by board members Dr. Wolff Graulich, Sascha Herwig and the CTO Henning Groß.