First Fully Digital P&C Insurer ELEMENT Receives BaFin License

ELEMENT is now the first fully digital P&C insurer to receive license from the Federal Financial Supervisory Authority (BaFin).



“Receiving the BaFin-license and building up an entire insurance platform with a modern API – all of this only took us ten months. Above all, we owe this to our strong and complementary team. We are happy to be live now” – Wolff Graulich, board member of ELEMENT.


The scope of possible partners for ELEMENT ranges from insurance startups that offer new digital insurance services – to established brands and digital intermediaries who want to widen their service spectrum by offering insurance benefits as well as traditional insurance companies and brokers who want to digitalize processes and offer innovative product solutions. Currently, the insurance industry is not able to offer the needed development and process speed that customers and partners expect and already know from other industries.


“Up until now many brands and companies were repeatedly hitting a wall when collaborating with insurers . Thus, they are not able to fully use the potential of insurance offers yet – especially when it comes to customer retention and additional revenue for the company’s benefit. We will change this. And we [will] shorten the time to market to a couple of weeks – fully digital from the application or contract to claims management” – Wolff Graulich added.


“We are probably the first insurer in Europe that is exclusively cloud based and uses the most modern IT and API functionalities without any compromises” – CTO Henning Groß.


Bottom Line: now we wait for the launch.