ELEMENT and the Sparkassen-Finanzgruppe cooperate on the protection of girocard payments with Apple Pay for online purchases

Berlin, 13 July 2021 - ELEMENT, Germany's only 100% cloud-based insurance company, wins a strong partner with Sparkassen-Finanzgruppe in the banking sector. For the launch of the new function of the Sparkassen-Card - for the first time, it can now be used directly in online shopping - ELEMENT supports the Sparkassen-Finanzgruppe in protecting customers when making online purchases. The digital buyer protection for payments with the girocard (ec-card) in apps and on the Internet with Apple Pay offers coverage of purchases up to an amount of 25,000 euros. Also covered are non-delivery and incorrect delivery, damaged or defective goods and non-receipt of credit in the event of a return. Customers automatically receive this buyer protection at no additional cost every time they make a girocard payment with Apple Pay.

Security and confidentiality are the highest priority when using a Sparkassen-Card with Apple Pay. Therefore, actual card numbers are not stored in the mobile device or on the Apple servers during use. Instead, a unique device number is encrypted and securely stored in the Secure-Element of the device. Every app or online purchase is secure because authentication is done using either Face ID (facial recognition), Touch ID (fingerprint) or the device's code.

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About ELEMENT

ELEMENT Insurance AG is Germany's only 100% cloud-based InsurTech and holds a license from the German Federal Financial Supervisory Authority (BaFin) as a primary insurer for property and casualty insurance. ELEMENT can therefore operate as a risk carrier in all EU countries and is a completely independent insurance company - without any restrictions due to a group affiliation. ELEMENT is the only digital insurance company in the European market that has the capabilities to create P&C solutions along the entire B2B2X insurance value chain, including claims settlement. The exceptional combination of insurance and technology makes ELEMENT a change leader in the insurance industry. ELEMENT’s clear vision for digital insurance solutions, supports establish a new industry standard for product innovation and partnerships in the insurance marketplace. As a licensed and independent primary insurer, ELEMENT handles the risk coverage for all products. With a proprietary modular tech-platform, ELEMENT is a specialist for providing custom-made white-label solutions to partners across all industries. The combination of full-stack insurance and state-of-the-art tech makes ELEMENT a strong, fast, and reliable partner for the digital insurance market of the future.

Press contact

Ansgar Holtmann | Communications Manager

+49 (0) 170 4158984 | press@element.in

ELEMENT Insurance AG | Hardenbergstraße 32 | 10623 Berlin | Deutschland