Reliability in Insurance: Our Executive Board answers

As we saw in our previous article, reliability is essential to insurance. Reliability is essential to insurance, especially when it comes to helping the policyholder in the case of a claim. It therefore roots in being a dependable, consistent and trustworthy partner for both our partners and their customers. It provides a piece of mind when it matters the most and is the foundation of doing business with ELEMENT.  

This mindset is one lived by our Executive Board who, each from their own perspective and functions, shared their views and how the company lives reliability day by day. 

For companies like ELEMENT, a licensed insurtech, reliability can be looked at from two perspectives: insurance and technology. 

• On the insurance front, key functions that always need to be reliable, are claims accounting, legal, and compliance are essential to enable the seamless delivery of insurance products. Without reliability in these areas, customer satisfaction may be compromised, and the insurtech's reputation and those of their partners suffer. In addition, and even more critical are our obligations to the regulators and investors. All require the highest degree of governance which in turn is reflected in our reliability. 

• On the technology front, insurance products need to be functional when- and where-ever the end-customer needs them. Hence, the delivery of insurance products requires a robust technology infrastructure and systems that are scalable and secure. 

Reliability as a core value in the organization

The question is how you create reliability within your business model, and how you engrain in it your values and, of course, in the products you offer. The answer is clear: the team is key.  

Reliability as such is not just a slogan, but something we are measured against live by each and everyday. As such, at ELEMENT, we are very fortunate and proud to have an extremely wide bench of Insurance and Tech professionals. This unique combination allows us to offer solid insurance solutions generating positive technical results while combining it with most efficient and smart tech solutions.    

Reliability across the entire insurance B2B2X value chain

Reliability therefore translates directly to our vision of becoming the go-to B2B2X partner in seamlessly delivering insurance solutions across Europe for intermediaries, insurers and enterprises. This delivery covers the entire insurance value chain of regulatory requirements, integration with partners, claims management and communication. As a counterpart to our partners, they can rely on us to offer and provide insurance products, to their customer. 

Reliability lies at the heart of our identity as a B2B2X insurance company. We envision a future where insurance is seamlessly delivered, and to achieve that, we strive for nothing less than the fastest, most flexible, and consistently reliable insurance solutions. 

As an insurance carrier, ELEMENT works closely with its partners to ensure that the policies are tailored to meet the needs of their customers. From conducting a thorough analysis of the risks involved to working very closely with its partners to develop policies that provide comprehensive coverage while remaining affordable and easy to understand. By designing policies with care, ELEMENT enables its partners to provide reliable insurance services to end customers.

When we talk about reliability, it encompasses every aspect of our product value chain. On one front, it refers to our business as a licensed carrier, offering top-notch insurance solutions. On the other front, it hinges on the technological capabilities that underpin our products, allowing them to function flawlessly. 

Our aim is to provide off-the-shelf products with easy and reliable integration options, a feat we have accomplished by successfully implementing numerous products over the years. In addition, we understand the importance of transparency and clarity for our end customers. That's why our products are designed to be easily understood, ensuring a seamless experience for all. 

Another critical element demonstrating our reliability is our service and claims management. When our partners or end customers approach us with a claim, we go above and beyond to deliver reliable, transparent, and timely support � with the aim of responding best to the needs of our partners and clients. 

Besides the reliability of our business, we recognize the increasing significance of Tech Reliability for our partners. It revolves around our technical stability and the performance of our systems. It basically allows us to offer reliable insurance solutions to our partners thanks to our flexible tech platform. 

ELEMENT brings together both these aspects. Due to our outstanding expertise in insurance and tech our business partners can always rely on our 100% delivery. 

Overall, reliability is synonymous with insurance products and is a critical component of any successful insurtech in the B2B2X context. It basically establishes the baseline that the product you are offering is going to work.  

For embedded insurance products, reliability is also a critical component of success in the B2B2X context. These products are integrated into other businesses' offerings, such as e-commerce platforms, mobility or veterinary clinics, making seamless integration and delivery essential. Reliability in this context means that the insurance products must integrate seamlessly into the partner's platform, ensuring a smooth user experience for the end customer that ultimately leverages the brand experience the customer is expecting to have. The ability to offer real-time pricing, policy issuance, and claims management is crucial, and any disruption in service can negatively impact the partner's brand and have an effect across the whole ecosystem. Therefore, insurtechs like ELEMENT invest heavily in ensuring the reliability of their technology, including robust APIs and secure data sharing protocols.