Digital Insurer Element Recruits AXA Executive for Key Leadership Role

In a strategic move to bolster its executive team, the Berlin-based digital insurer Element has announced a key hire from the ranks of a major industry incumbent. Jörg Schmidt, a veteran with two decades of experience at AXA in Germany, is set to join the insurtech as Senior Vice President (SVP) People and Authorized Officer (Generalbevollmächtigter) starting January 1, 2023.

This appointment signals Element's transition from a venture-funded startup into a scaling, mature player in the competitive digital insurance market. For customers and industry observers, it underscores the growing trend of talent migration from traditional insurers to agile insurtechs, blending deep industry expertise with innovative business models.

Strengthening the Leadership Bench

Element, born from the FinLeap fintech incubator, has been actively reshaping its leadership throughout 2022. The year saw significant changes:

• August 2022: The company appointed former AXA board member Astrid Stange as Co-CEO, aiming to move beyond its initial venture phase. At that time, Element had already secured over €66 million in various funding rounds.
• October 2022: Co-founder Christian Macht departed the company. Macht, who served as Chairman of the Board since May 2019, left following reported disagreements with some investors. Since then, Astrid Stange has been steering the company as sole CEO.

The recruitment of Jörg Schmidt represents the next logical step in this executive evolution, specifically focusing on human capital and organizational strategy.

Jörg Schmidt: Bringing Two Decades of AXA Expertise

Jörg Schmidt is not a newcomer to the insurance world. A certified bank business manager, he dedicated an impressive 20 years to AXA's German operations. His most recent role, held since May 2015, was as Group Head of Human Resources (Konzernpersonalleiter). In this capacity, he was responsible for the people strategy across a vast traditional insurer.

At Element, Schmidt will assume overarching responsibility for People and Organization. His mandate will be central to shaping the company's personnel strategy, culture, and future growth trajectory. His experience in scaling and managing human resources within a large, established corporation like AXA will be invaluable as Element navigates its own growth challenges.

Strategic Implications for Element and the Insurtech Sector

This hire is more than just a personnel change; it's a strategic statement with several key implications:

1. Bridging the Experience Gap: Schmidt's appointment brings proven, large-scale corporate HR and organizational leadership to a digital-native company. This fusion of traditional insurance acumen with insurtech agility is a powerful combination for sustainable scaling.
2. Focus on Scaling and Culture: As Element aims to grow its team and market presence, having a dedicated SVP for People indicates a priority on building a strong, scalable corporate culture and attracting top talent—a critical success factor for any tech-driven company.
3. Industry Validation: The move of a seasoned executive from a global giant like AXA to a younger player like Element validates the insurtech model's appeal and potential. It highlights the competitive pressure traditional insurers face in retaining top talent who are drawn to innovative environments.

For potential customers, especially those comparing digital insurance options, this kind of experienced leadership adds a layer of credibility and suggests a focus on long-term stability and professional execution.

Looking Ahead: Element's Path Forward

With Astrid Stange at the helm as CEO and now Jörg Schmidt leading people strategy, Element has assembled a leadership team with a potent mix of digital vision and deep insurance industry roots. This positions the company well to execute on its goal of leaving the pure venture phase behind and achieving sustainable, profitable growth.

The evolution of Element's leadership is a microcosm of the broader insurance industry's transformation. It demonstrates how successful insurtechs are maturing by integrating the strategic and operational expertise of the very incumbents they aim to challenge.