Article published by FinLeap :
Company builder FinLeap is further committing to reshape the insurance industry. With Element, FinLeap is introducing a fully digital platform, going upstream in the value chain to custom-build the very core of insurance and enable products and services that meet demands of the modern age.
The name intentionally refers to chemistry, where bringing together the right combination of elements results in creation of something new and advantageous. By combining various insurance services and partners, the business model of Element will create useful and unique insurance propositions. Hence, Element is going to fulfil customers’ requirements individually and will hopefully also improve the “chemistry” between consumers and their perception of insurance.
Element is focusing on B2B2C distribution, and the list of possible partners that will be able to integrate Element products ranges from established digital companies to InsurTech ventures that build new protection-focused business models and brokers who want to extend their portfolio with digital services. Furthermore, even incumbent insurance companies can partner up with Element in order to modernise their processes and bring innovative products to market faster.
Insurance distribution is often limited by the way products and services are provided by traditional insurance businesses. Currently, the industry is not able to provide solutions that deliver to a generation of smartphone users while fully meeting their expectations and distributors’ requirements. With Element, FinLeap is now introducing an « insurance-as-a-platform » service in order to meet these requirements.
The first step in digitising the insurance industry was taken in June 2015 when the digital insurance broker Clark was founded. Using their app, customers can identify at first glance how good their insurance coverage actually is. In addition, Clark’s robo-adviser offers recommendations for improvement. In early 2016, solarisBank, the first banking platform with a full German banking license, was launched. Using APIs, partners of solarisBank can access modules for instant credits, e-money and digital banking that are offered by solarisBank and third parties. Just recently, solarisBank closed an international funding round worth €26.3 million and plans on expanding its business to Asia.