FinLeap in its Element with digital insurance partnership
Finleap jumps into action again
German fintech incubator FinLeap’s digital insurance platform Element is partnering with financial services group Signal Iduna for new products and services.
Element is currently in the process of applying for a life insurance licence under Germany’s Insurance Supervision Act, and plans to offer services in property, accident and liability, and cybersecurity. It will provide “Insurance-as-a-Platform” to let users create individual and “pass-through insurance” products for their respective end users.
The partnership with Signal Iduna is Element’s “first co-operation with an established insurance company” and one of its “core target groups”, in addition to insurtech firms, e-commerce providers and brokers. The aim is to completely digitise business processes from the core to the end customer.
Element was founded in March 2017 by FinLeap. It is managed by the FinLeap management board of Dr. Wolff Graulich and CTO Henning Groß.
The Signal Iduna Group manages more than 12 million customers and contracts, and generates an income of around €5.6 billion. It was founded in 1999 with the merger of the Dortmund Signal Insurance Group and the Hamburg Iduna Nova Group.
From the vault
Berlin-based FinLeap has been active with a variety of partnerships and deals.
Consorsbank, part of BNP Paribas Germany, implemented FinLeap’s digital account exchange service, FinReach. Bank users who want to move accounts to Consorsbank can do so in “a matter of minutes” and it is all done completely online.
German insurance firm Talanx and FinLeap founded a joint venture to provide a digital platform for independent asset managers and private banks.
FinLeap also teamed up with fintech analyst Devie Mohan to launch Burnmark, an independent research company focusing on trends in the industry.
