text element library is a collection of company approved text elements. It allows users to easily insert pieces of text that for instance are frequently used. Examples of this may include legal disclaimers and sales pitches. The text element library is directly available in Microsoft Word through the Templafy VSTO add-in.
Dynamic text elements
One way to insert text elements into a document is dynamically. This is supported with the VSTO add-in version 184.108.40.2064 or higher.
More information on this can be found in the article: Dynamic Text Elements.