German insurtech Element has secured €21.4mn in Series B funding led by pension fund VZB, taking the total amount raised to date to €88mn.
The latest round was led by pension fund VZB with additional investment from Alma Mundi, Witan Group and Ilavska Vuillermoz Capital.
Element Insurance AG is Europe’s only 100% cloud-based InsurTech and holds a license from the German Federal Financial Supervisory Authority (BaFin) as a primary insurer for property and casualty insurance.
Element can therefore operate as a risk carrier in all EU countries and is a completely independent insurance company – without restrictions of any group affiliation.
Element is 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. The exceptional combination of insurance and technology makes a change leader in the insurance industry.
The Berlin-based digital insurtech says it will use the funding to expand its market position and integrate new product categories into its portfolio.
We invested at an early stage of the company’s development and see Element’s growth and innovation as a confirmation of their commitment to set standards in the industry, both on the product side and in their ESG efforts.Ralf Wohltmann, Director of VZB
Element allows partners to embed insurance products into any stage of their product journey, taking care of the regulatory and technical aspects while enabling P&C solutions throughout the insurance value chain, including claims settlement.
Its products include cloud failure insurance, real estate purchase guarantee and all-risk cover with loss ratios that the firm says are well below the industry standard.
It is this profitability on every product and partner level that will prove critical in the years ahead. Year after year, we are seeing a 66% increase in revenue and are well on our way to achieving our goal of 100% growth by 2022Christian Macht, Element CEO
“Most importantly, we will continue to pursue our long-term goal of eliminating billions of dollars in unnecessary costs in the European insurance market.”
Within five years of being founded, Element has already secured 200,000 customers and grown its team to 140 employees, with sales last year growing to €10.4mn.
Element’s clear vision for digital insurance solutions, supports establishing a new industry standard for product innovation and partnerships in the insurance marketplace.
As a licensed and independent primary insurer, Element handles the risk coverage for all products. With a proprietary modular tech-platform, Element is a specialist for providing custom-made white-label solutions to partners across all industries.
The combination of full-stack insurance and state-of-the-art tech makes Element a strong, fast, and reliable partner for the digital insurance market of the future.
by Peter Sonner