By combining various services and partners, Element’s business model aims to create useful insurance propositions which fulfil customers’ today’s requirements individually and to improve how they perceive insurance.
Element is focusing on B2B2C distribution, and the list of possible partners that will be able to integrate its products ranges from established digital companies to InsurTech ventures that build new protection-focused business models and brokers who want to extend their portfolio with digital services. Furthermore, incumbent insurance companies can partner up with the platform in order to modernize their processes and bring innovative products to market faster.
The platform submitted a license application under the German law on the supervision of insurance companies (VAG) to the German Federal Financial Supervisory Authority (BaFin) 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.
Wolff Graulich joined Element’s executive board as a founder, bringing in experience from AXA, Roland and ARAG. The engineering side of the initiative is managed by Henning Gross, founder and CTO, who previously had a leading position in technological innovation at Axel Springer.