FinLeap is working on a new digital insurance platform. Named Element, the new system will bring value to “the very core of insurance”.
Element will focus on the B2B2C market, and according to the firm a wide variety of firms have already signed up to the programme. FinLeap is also aiming to market Element to established players in the market to help them “modernise” their processes.
The insurance industry, argues FinLeap, is unable to provide solutions that can be satisfy “a generation of smartphone users”. Element, says the firm, will deliver a proper “insurance-as-a-platform” service that will be attractive to both digital-first users and distributors.
“The infrastructure that we offer to our partners will enable them to create innovative and digital solutions. They know their customers’ needs and any solutions created out of those needs are naturally the most promising ones,” says Ramin Niroumand, Co-Founder and Managing Partner at FinLeap.
“FinLeap’s vision is to digitise the financial industry by creating new business models. For us, that does not stop at banking but also extends to the insurance segment. With Element we now also want to increase the degree of innovation and automation in insurance products and processes.”