ELEMENT Insurance AG

ELEMENT's platform provides a white-label solution for back-end processes - enabling more flexible, efficient and personalised solutions for their customers. With their "Insurance-as-a platform" approach, they enable their partners in various industries, from online retailers and InsurTechs to brokers and traditional insurers, to develop purpose-built products.

Its product platform and smart APIs enables users to integrate digital solutions into their portfolio, and its team of experts aid in the technical and regulatory requirements. It offers a range of P&C products, from household to parametric weather insurance. Its white-label modules include purchase flow and a customer portal

ELEMENT closed 2019 with a gross written premium (GWP) of €4.3 million.

In August 2020 ELEMENT announced a further €10 million Series A raise. Investors include SFV.GB. It brings the full Series A total to €39m.

Later in June 2021 ELEMENT raised €16m ($19.5m) to grow its white-label digital insurance solutions business. The company also revealed the past five months of sales have been the strongest in the company's four-year history - in Q1 alone it entered into 10 new partnerships and launched several new products, including pet health insurance.

In August 2021 ELEMENT announced it was entering a partnership with MGA Parametrix Insurance to launch a parametric cloud outage insurance for businesses in Germany. The new product will cover financial losses caused by downtime of third-party IT and cloud infrastructure providers. Parametrix insurance provides cloud downtime insurance solutions and has licences in Germany and the US.

The company revealed it had a turnover of €10.4m in 2021 - an increase of over 50% compared to the previous year. It also reached 200,000 customers, and more than 50 distribution partners. For 2022 the company set itself a target of 100% revenue growth. 

In July 2022 ELEMENT scored a $21.9M Series-B funding round. In a statement the company said that it will use the new funds to continue expanding its position in the market as well as to create new product categories. At that point, more than 50 partners sold Elements Insurance products, including three DAX 40 companies. It also employed over 140 people. 

In August 2022 ELEMENT announced it was taking over the portfolio of commercial insurer Mailo, and expanding its property & casualty offering with three new lines. Element will help mailo - which offers business insurance to over 700 types of small business - expand its product offering in the future.

Also in August 2022, Astrid Strange, formerly of AXA Group, became Co-CEO alongside Christian Macht. By November 2022 Christian Macht had left the company, leaving Astrid Strange as CEO. 

In July 2023  Element partnered with Warranty Expert, an extended warranty and purchase protection service provider in the Baltic States, to expand its insurance offerings across Europe. Element aims to grow its presence in Germany and throughout the EU.