We are delighted to announce that ELEMENT, the digital insurance platform developed by Shackleton investee FinLeap has secured a further €23 million in funding.
ELEMENT is a fully digital white-label insurance product factory, which is fully licensed by Germany’s regulator BaFin to write P&C insurance business. ELEMENT’s business partners can offer to their customers modern property and casualty insurance products and a digital customer experience at unrivalled speed compared to traditional insurers. Its flexible API enables the fast launch of partner-branded and modular insurance products.
Finleap itself and existing investor, Signal Iduna participated in the round alongside new investors including the crowdinvesting platform Engel & Völkers Capital, the Spanish insurtech investor, Alma Mundi Ventures, and the Japanese financial service innovators SBI.
The team will use the capital to expand ELEMENT’s technology platform and to target foreign markets, according to Chief Representative Christian Macht.
“We have successfully established ourselves as a supplier of digital insurance products,” believes Macht.
These include innovative tailored policies for special groups targetted by its growing partner base. For example, ELEMENT has launched a flight delay insurance for Fairplane, the portal for passenger rights.