German insurtech startup Element has secured €50 million in funding from Versorgungswerk der Zahnärztekammer Berlin K.d.ö.R. and Alma Mundi.
Founded in 2017, Element has swiftly established as a cloud-based insurtech company, holding a coveted license from the German Federal Financial Supervisory Authority (BaFin) as a direct insurer for non-life insurance.
Element specialises in providing white-labeled insurance products to businesses, allowing them to market these products under their own brand.
Our 2023 results have shown that our strategy is bearing fruit. We have exceeded our targets with a growth rate of 150% year-on-year to €50 mn GWP, and we have stayed within our cost plan.
Dr Astrid Stange, CEO of Element
“We see our growth trajectory continuing into 2024 with significant double-digit growth and continued expansion with partners in other EU countries,” says Dr Astrid Stange.
In order to achieve these goals, insurtech has taken the strategic decision to focus on its core competences in order to increase efficiency and profitability. This includes a sharpened focus on the growing EU-wide insurance MGA market, where Element intends to further strengthen its position.
By concentrating on product and risk management, the company is dedicated to offering its partners tailor-made insurance solutions.
Element supports its partners not only with product development and the provision of insurance capacity, but also with an efficient digital platform for data exchange and analysis.
“Our approach is to focus on the EU MGA market and scale across the EU with existing and new partners, many of whom are new to the European market. In particular, the ability to facilitate cross-border business in the shortest possible time sets us apart. We achieve this by leveraging our technical capabilities,” says Philipp Harz, CSO.
by Peter Sonner
