Berlin-Based ELEMENT Announces Major Milestone
Berlin-based ELEMENT , a white-label product factory for insurance, has announced a €23m Series A round from several investors, including: SBI Investment, SBI Insurance Group, Engel & Völkers Capital, Spanish insurtech investor Alma Mundi Ventures, SIGNAL IDUNA, and company builder FinLeap, which recently raised €41.5m.
Established in 2016, ELEMENT is the first fully digital insurer to receive license from the Federal Financial Supervisory Authority (BaFin). It provides companies – currently counting over 15 partners – with white-labelled products, which they market under their own brand. Products offered include: homeowner’s and liability insurance, flight delay, cyber and warranty coverage.