German InsurTech partners with TIA Technology

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FinLeap’s Element has chosen TIA’s core technology platform to drive their innovative InsurTech solutions.

We chose TIA as our partner because of their flexible approach to implementation and collaboration, and because they offer open access to a product roadmap that can shape technology architecture for the future

The financial services industry is undergoing tremendous change, driven by technology advances such as Internet of Things, cloud computing, cognitive solutions, social, mobile and Big Data. FinLeap is a FinTech company builder based in Berlin that takes advantage of these new digital opportunities to reshape the financial industry. Their mission is to build interconnected and flexible ecosystems that generate real impact by delivering a better customer experience, improving operations and innovating product propositions to match customer needs. Combining entrepreneurial execution, technological capabilities, and industry expertise, FinLeap creates the perfect mix to develop companies that bring change to the industry.

Now FinLeap is making a further commitment to reshape insurance with a new venture, Element (https://www.element.in), that has applied to BaFin for a risk carrier license to become a digital insurance platform. Element has engaged in a partnership with TIA Technology, provider of Europe’s leading core insurance software platform. The TIA platform speeds up time to market and enables Element to focus on engineering the components of the insurance value chain that define the venture’s USPs. At the same time, TIA lets Element reuse established functional tools for regulatory and financial processes, and integrate into established distribution channels without reinventing the wheel. Using TIA as its base software layer, Element plans to bring innovative insurance value propositions to the market, and support an omni-channel customer experience with end-to-end process support and full automation. Element will also rely on TIA’s industry expertise to help support the venture’s ramp-up from scratch.

“We chose TIA as our partner because of their flexible approach to implementation and collaboration, and because they offer open access to a product roadmap that can shape technology architecture for the future,” says Henning Groß, CTO at Element. “With TIA, we are equipped with the right technological foundation to build up an insurance product engine and a strong integration ecosystem for this industry.”

“We are proud to collaborate with an innovative venture startup company like FinLeap,” says Carsten Vraa-Jensen, Senior VP Commercial, TIA Technology. “It’s exciting to be chosen as a strategic technology platform for FinLeap’s digital initiatives, and we look forward to playing an active role in the new market dynamics which are forming right now, across Europe and beyond.”

About FinLeap
FinLeap was founded in the summer of 2014 by HitFox Group and Ramin Niroumand as a company builder specialized in Fintechs. FinLeap serially develops Fintech companies, supporting them with strong infrastructure and guiding their growth. Besides Element, eleven other ventures have been brought to market providing services for private and corporate clients. The FinLeap ecosystem includes, for instance, FinReach, which offers among others a solution for switching bank accounts; PAIR Finance, a solution for digital debt management; Clark, a digital insurance broker; and solarisBank, a digital platform with a full German banking license. Each venture is based on the solid FinLeap foundation that provides not only seed funding from €0.5 million up to €5 million but also a strong network of investors, an integrated development platform and advice on best practice processes. In addition, the company builder provides contact to experienced businesses, clients and top talents in the industry. FinLeap’s team is made up of over 400 employees from more than 30 countries. The company’s headquarter is located in Berlin.

About TIA Technology
Founded in Copenhagen, Denmark, TIA Technology provides an open, scalable, standard software platform to insurance companies around the world. With over 20 years of software and services experience and 54 customers globally, TIA has deep insight into insurance business processes. They deploy this expertise to help insurers develop differentiating products that engage their customers and support their business strategies and digital transformations. Offering the full scope of expert implementation, application management and hosting services, TIA also ensures their customers keep control of costs, achieve a faster time to market and gain more business value. http://www.tiatechnology.com

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Jette Lundquist
@TIATechnology
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TIA Technology A/S
since: 10/2011
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