Insurance technology solution developer ELEMENT has bagged €23m in its Series A round of funding.
Some of the investors of the round are SBI Investment, SBI Insurance Group, Engel & Völkers Capital, and Alma Mundi Ventures.
Contributions to the round also came from German financial services developers SIGNAL IDUNA and finleap.
Berlin-based ELEMENT provides a range of digital insurance products to help companies offer digital insurance services. The company is able to deploy bespoke insurance policies within weeks, even if its highly targeted to specific groups.
By having a full life insurance licence, ELEMENT can serve as a risk carrier for its partners and cover the insurance value chain.
Some of the solutions it has developed include a homeowner’s and liability insurance for German football fans with SIGNAL IDUNA, and flight delay insurance with FairPlane.
With the capital from this round, the company will look to expand its platform and deploying its services into international markets.
ELEMENT chief representative Christian Macht said, “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.’
Earlier in the year, SBI Investment invested into the insurance product management app FinanceAPP. The company’s wfox solution lets consumers find the best policy through the completion of an online questionnaire and expert support.
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