Accident insurance rethought

ELEMENT and Würzburger Policenwerk Assekuradeure launch individualized rates for the first time

ELEMENT Insurance, Germany's only 100% cloud-based InsurTech company, and Würzburger Policenwerk Assekuradeure GmbH & Co.KG are launching an innovative accident insurance policy. With this new policy, both insurers will combine their strengths and offer not only brokers but   end customer’s needs-oriented and individual rates for optimal accident coverage. ELEMENT acts as the risk carrier and takes over claims management.

In 2021, 27.08 million people, aged 14 and above, took out private accident insurance. What was originally intended as coverage against accidents at work has become one of the most popular private insurance policies now. While the requirements for these policies are evolving, the benefits offered have been stagnant for years. As a service provider for brokers and insurance companies, Policenwerk has identified this gap in the market and found in ELEMENT the ideal partner for innovative and flexible coverage concepts in the area of accident insurance.

Whilst many insurers rely on health checks, payouts only after a certain degree of disability and increasing premiums in old age, ELEMENT Insurance and Policenwerk will offer a customer-oriented alternative with their innovative product. The accident insurance which come in basic and top protection tariff does not require a health check and customers will additionally receive compensation for pain and suffering in the event of broken bones - sometimes referred to as "plaster money". In addition, the tariffs waive rising premiums in old age.

Policenwerk currently counts more than 1,700 registered insurance brokers among its customers who will be able to offer the new accident insurance concepts immediately. The goals are ambitious - Policenwerk expects to place 30% more policies than usual in the market in the first year.

This innovative and needs-based personal accident insurance is intended to be just the beginning of our partnership with Policenwerk. Before the end of this year, we are planning various concepts for residential building, bicycle and animal health insurance. In cooperation with Policenwerk, we are responding to the dynamic market and offering even more performance and service along the entire B2B2X value chain. Tim Kaltofen, VP Client ELEMENT
ELEMENT, like us, places a lot of emphasis on engineered and therefore automated processes. In addition, as a specialist in the development and creation of coverage concepts, ELEMENT has responded very flexibly to our demands. Thus, services can be offered that differ considerably from the usual insurance market and provide our registered partners with real advantages for the benefit of their customers. Bertram Schad, authorized signatory of Policenwerk Assekuradeure GmbH & Co.KG

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