Insurtech firm partners with digital insurer

Berlin-based insurtech simplesurance, a digital solutions provider, and ELEMENT, a digital property/casualty insurer are partnering to bring fully-digitalized insurance policies to market.

For the first time brokers will be able to send their customers the desired policy immediately upon completion and without any exchange of paperwork, according to a press release. The project is based on the ELEMENT API, a flexible interface. Customers receive a suitable insurance product within a few minutes, the companies claim.

"The future of the insurance market is digitization," said Richard Hector, sales director at ELEMENT. "The collaboration between simplesurance and ELEMENT is bringing this future a great deal closer."

According to Hector, the situation for brokers and clients has been rather unsatisfactory. The industry has been working with digital channels to manage customer profiles for years, however when it comes to issuing and sending policies, usually there is a break in digital channels and either the broker or customer mails contracts by post.

Thanks to the API, the effort is reduced to just a few clicks via a digital channel, the companies claim. Brokers can perform complex price inquiries in real time and find their customers the right insurance product within a matter of seconds, according to the statement. Afterwards, Schutzklick Makler, a brand of simplesurance sends the valid policy by email and makes it available in the Schutzklick Makler app.

"Our customers are used to simple, safe and fast solutions," said Sven Schönfeld, managing director of Schutzklick Makler. "The cooperation with ELEMENT raises this offer to an unprecedented level."

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