First you can try the following fix:
Click on "Use another Account"
Enter the same account you use for loging into the Office 365 Portal
If this does not fix your issue, please try the following:
Close all running Office programs
Delete these 3 folders in -Library/Group Containers:
UBF8T346G9.ms
UBF8T346G9.Office
UBF8T346G9.OfficeOsfWebHost
Using the spotlight search, search for "Keychain"
Open Keychain
Search for Office
Delete these 2 files:
Microsoft Office Identities Cache 2
Microsoft Office Identities Settings 2
Now open and activate Office.
In case the information above was not helpful to you, please contact rbg.@in.tum.de, so that we can temporarily disable your Office 365 licence for 2 hours, before reactivation it. This should then fix your issue.
If all of this does not work however, you will have to contact the official Microsoft support. You can find the Microsoft contact information here: Microsoft Support