Berlin-based ELEMENT Insurance, a white-label product factory for insurance, has successfully completed its Series A financing round, raising €23 million in new capital.
Among the investors are SBI Investment, SBI Insurance Group, Engel & Völkers Capital, and the Spanish insurtech investor Alma Mundi Ventures. Investment was also secured from SIGNAL IDUNA and company builder finleap, which recently raised €41.5 million, and previously backed ELEMENT in the seed financing round.
Founded in 2016, ELEMENT aims to make insurance 100% digital. The startup provides other companies from various industries with white-labelled products, which they market under their own brands. ELEMENT has already implemented products for over fifteen partners.
The company’s fully digital approach allows it to quickly develop insurance policies even for very specific target groups in a matter of weeks. With a full insurer license in 28 European countries, ELEMENT can act as risk carrier for its partners and cover most of the insurance value chain.
Examples of the currently available insurance solutions created by ELEMENT include Versicherung09, a combination of homeowner’s and liability insurance for German football fans in cooperation with insurance group SIGNAL IDUNA, a flight delay insurance policy in cooperation with FairPlane, as well as cyber insurances and warranty extensions.
With the new capital, ELEMENT plans to strengthen its platform and its network, and begin expanding into international markets.
Christian Macht, Chief Representative of ELEMENT, said: “Our success as a white-label product factory has convinced the investors to back the growth of ELEMENT. The future in insurance, just as in many other industries, is collaboration: highly specialised market participants that focus on parts of the value chain. The new capital supports the development of our technological platform and the automation of relevant functions. This will enable us to implement new insurance products even faster. In 2019, we will expand into new industries and enter our first international markets.”