Below is our recent interview with Philipp Hartz, Chief Strategy Officer at ELEMENT Insurance AG:
Q: Could you provide our readers with a brief introduction to your company?
A: ELEMENT is Germany’s only 100% cloud-based insurtech and holds a license from the German Federal Financial Supervisory Authority as a primary insurer for property and casualty insurance. We are the only digital insurance company in the European market that has the capabilities to create P&C solutions along the entire B2B2X insurance value chain, including claims settlement.
With our proprietary modular tech-platform, we are a specialist for providing custom-made white-label solutions to partners across all industries. Our partners than market and sell the products under their brand.
Q: Any highlights on your recent announcement?
A: Recently, we announced a 16-million-euro capital increase by new and existing investors bringing our total investment to 66 million euro. This puts us in a very strong spot within the insurtech space and allows us to really focus on our business, e.g., expanding our operations in terms of scope and geography and attract even more capital to explore additional growth levers. Our Tier 1 investors supported us throughout Covid-19 which allowed us to attract new international investors while bringing ELEMENT into position to scale the business.
Q: Can you give us more insights into your offering?
A: At ELEMENT we are developing fully digital insurance solutions in a white-label fashion. Therefore, we have built a proprietary tech platform that allows us to customize insurance products for our partners. We also provide a customer purchase flow and a portal for our partners; hence, every company that cooperates with us gets an entirely functional product with all additional service functions.
Due to the nature of our technical setup – we connect to our partners via REST APIs – partners can take complete advantage of our digital products, e.g., real time pricing, easy administration, and further customization of the product.
Currently, we are operating in the P&C segment and offer 19 different lines of business. Our portfolio of white-label insurance products consists of traditional products like private liability or accident insurance, but we also offer innovative and new products, like a digital dog health insurance, various mobility solutions, cyber protection, and a parametric weather insurance. It is possible to embed our products natively into any existing product environment. This is a big a benefit, because it allows our partners to build digital ecosystems around their core products.
Over 30 partners have already integrated our insurance products in their offering, including Vodafone, Volkswagen and the Sparkasse (one of Germany’s biggest banking associations).
Q: What can we expect from your company in next 6 months? What are your plans?
A: As the company is now ready to scale, we are concentrating on three areas of development: our offering, our position in the market (considering our relationships with existing and new partners) as well as the further development of the company.
On the market side, we are concentrating to expand our business. We are looking intensively on international opportunities for ELEMENT. However, I cannot disclose the full plan now. Just a few days ago we announced that we are now providing a digital buyer protection for the Sparkassen-Finanzgruppe in combination with Apple Pay. Many more exciting topics will follow.
In terms of our offering, we are working on new products for the market including several embedded insurance solutions, but also expansions of parametric products or in the cyber solutions space.
Since ELEMENT has now reached a certain size and stage, we spend a lot of time to think about core company projects in order to provide a healthy and exciting working environment to our talent. As part of defining what kind of company ELEMENT wants to be and wants to become, we are spending a lot of time and resources on ESG related projects.
Q: What is the best thing about your company that people might not know about?
A: We are the fastest growing B2B2C white label insurtech in Europe. Our insurance license gives us a unique opportunity in this market and the extremely smart people who work at ELEMENT are pushing the limits of the future of insurance every day a little further. One thing that many people don’t know: Next our office in Berlin, we also have office in Nuremberg.
Last Updated on August 28, 2021