After a little bit of work, I discovered an experimental technique for generating Image Based Lighting with Element 3D!
So what is image Based Lighting? Basically is when you use an environment map (or HDRI) to simulate the lighting in a 3D scene without adding any individual lights. The specular highlights and overall illumination is generated from the environment automatically. This is a common technique for dedicated 3D programs for high-end Visual Effects work so they can match the practical lighting as accurately as possible.
This technique uses 2 additional copies of the Element 3D plug-in stacked on top of each other to generate the lighting but you can also add additional lights to your scene as well.
Apologies for the raspy voice, getting over a lingering cold…
TIP: You can import the environment maps from Element too!