The Berlin-based InsurTech ELEMENT earns one other € 21,4 million in Collection-B financing. The entire funding now quantities to 88 million euros. Concurrently, the corporate achieves its greatest YTD outcome ever. The funding spherical is led by the Versorgungswerk Zahnärztekammer Berlin (VZB). Further investments within the success of the digital insurance coverage firm are made by Alma Mundi, Witan Group and Ilavska Vuillermoz Capital.
The present funding spherical underlines the continual development of the Berlin-based InsurTech. Final yr, gross sales rose to 10,4 million euros – a rise of over 50 per cent in comparison with the earlier yr. The mark of 200,000 prospects was exceeded as properly and greater than 50 companions distribute ELEMENT merchandise, together with three DAX 40 firms. With its companions and 140 staff, ELEMENT is now performing as a threat provider in a number of EU international locations and continues to increase its place as a number one pan-European supplier of quick, environment friendly, and dependable end-to-end insurance coverage options.
With merchandise reminiscent of Cloud Failure Insurance coverage, Actual Property Buy Assure and All-Threat Cowl, ELEMENT demonstrates its revolutionary energy. Loss ratios properly beneath the business commonplace validate the price benefit. “It’s this profitability on each product and associate degree that may show vital within the years forward. Yr after yr, we’re seeing a 66 per cent improve in income and are properly on our strategy to reaching our aim of 100 per cent development by 2022,” says Dr. Christian Macht, CEO of ELEMENT.
ELEMENT will use the newly gained funds to increase its market place and combine new product classes into its portfolio. “Most significantly, we’ll proceed to pursue our long-term aim of eliminating billions of {dollars} in pointless prices within the European insurance coverage market,” Dr. Macht continues.
“We invested at an early stage of the corporate’s growth and see ELEMENT’s development and innovation as a affirmation of their dedication to set requirements within the business, each on the product aspect and of their ESG efforts,” explains VZB Director Ralf Wohltmann.