Berlin-based Element, an insurtech start-up, has announced that insurance expert Astrid Stange will join the management team as Co-CEO of the company as of August 1, 2022 and subject to approval by the German Federal Financial Supervisory Authority.
She will work alongside Element CEO – Christian Macht, to help lead and drive the next growth phase for the company.
Within her new role as co-CEO, Stange has a number of clear agendas: to consistently develop Element’s technology, to use the success of proprietary technology to consistently align the insurer’s business model, leave the “Venture” phase and enter the “Scale & Growth” phase, and lastly, continue developing and growing the innovation-driven team that Element consists of.
Prior to joining Element, Stange was a member of the Management Committee and Chief Operating Officer of AXA Group, as well as CEO of AXA Group Operations.
She joined AXA Germany in 2014 as a board member for strategy, HR, organization and customer management. Prior to that, she was a Senior Partner and member of the Global Insurance Leadership Team at The Boston Consulting Group, where she led the German insurance business from 2008 to 2013, among other positions.
In addition, Stange is also a member of the supervisory boards of Lufthansa AG and Atos SE.
“I deeply believe that technology and data are the most important drivers for insurance today. I am therefore very pleased to be able to develop new business models and areas with new technology approaches at Element,” said Stange.
Macht, also commented: “Astrid Stange’s move to ELEMENT confirms the mission we have followed in recent years creating a basis to change the market sustainably. With her, we will continue driving our success story and the systematic scaling of our business.”
Meanwhile, Element recently announced that it has raised €21.4 million in a Series B round of funding, which has now taken the company’s total funding amount to €88 million.
The company has stated that it will use the funds to expand its market position and integrate new product categories into its portfolio.
Macht, added: “Most importantly, we will continue to pursue our long-term goal of eliminating billions of dollars in unnecessary costs in the European insurance market.”
The investment was led by the Versorgungswerk Zahnärztekammer Berlin (VZB). Alma Mundi, Witan Group and Ilavska Vuillermoz Capital also participated in this round.
