Setoo, backed by Kamet AXA’s Insurtech startup studio, is disrupting the insurance industry by empowering e-businesses to create and distribute tailored insurance products directly to their consumers, offered as part of their customer journey. Through Setoo’s platform, e-businesses such as online travel agents, e-commerce and events companies, can quickly and easily build and distribute simple insurance products that are embedded into the customer journey and with compensation dispensed automatically. By enabling e-businesses to protect customers against external events that can ruin their experience, such as missed flight connections, lost parcels and adverse weather conditions, Setoo helps create exceptional customer experiences and grow additional revenues.
Setoo’s parametric insurance-as-a-service platform helps solve the real industry challenge that sees many consumers choosing not to buy insurance, as the products offered are not relevant to their needs, and claim processes are cumbersome and complex.
Setoo is approved and regulated by the FCA in the UK and ACPR throughout the European Union.
A factory for parametric insurance products
The Setoo platform functions like a factory to allow e-businesses quickly create and distribute highly personalized insurance and protection products for their customers. Products are priced in real time, based on the probability of the event occurring. A factory for parametric insurance products, via a generic platform, delivers the following benefits:
- Consumers enjoy personalized, simple, transparent products, with no claim process required
- E-businesses gain control of the insurance products offered to their consumers and have the ability to influence what these products include and look like, as well as offer new types of ancillary products
- Insurance companies get full automation of the underwriting, claim, and distribution processes, with the e-business serving as their best product manager for this.
How it works
Setoo’s platform is integrated using simple APIs and the e-business can define and immediately launch new insurance products through a simple SaaS-based desktop. Once a product is defined and launched, Setoo takes care of the full product lifecycle, from real-time quotation based on the relevant event, to one-click underwriting and automatic claim process.
As an example of how Setoo’s platform works, an OTA (online travel agent) selling connecting flights from multiple airlines can provide insurance to cover for missed flight connections if preceding flights are delayed or cancelled. In these situations, Setoo sends an automated text message (SMS) to the consumer on behalf of the OTA, explaining that a full refund has been provided and offering alternative flight suggestions. In another scenario, a tour operator selling ski holidays could insure against a lack of snow, fully automating payment and removing the hassle of the claims process for the customer.
Setoo’s platform provides:
- 100% optimized price for insurance and protection offerings.
- Immediate and automatic compensation payment with no claim process required.
- Full transparency of policy coverage with no need to read and sign complex contracts.
Why we selected Setoo for DIA Munich
Setoo turns insurance into a powerful business accelerator. Drawing on Setoo’s strong insurance expertise, e-businesses are supported to deliver personalised insurance solutions, which generate new revenue streams by transforming the customer experience.
Who is Setoo?
The company’s co-CEOs Noam Shapira and Eyal Gluska, both veterans of the Israeli high-tech scene, lead the team, along with Pierre-Olivier Desaulle, Setoo’s Chief Insurance Officer.
Setoo has offices in London, Paris and Tel-Aviv.
In September 2018 Setoo announced the completion an €8 million Series A funding round, bringing the total amount raised to date to €10.3 million. The main investor in this and the seed round is Kamet, AXA's Insurtech startup studio.
In October 2018, Setoo welcomed Harald Eisenaecher to its advisory board. Eisenaecher is Chief Commercial Officer for InFare and held senior commercial and marketing roles at Sabre, Deutsche Lufthansa, Ebay and Deutsche Telekom AG.
“In Setoo we believe that e-businesses need to create consumer insurance products, as they know their consumer best. This is why we created a platform – we call it a factory – that allows e-businesses to create simple, personalized and transparent insurance products that cover their consumers from things that can go wrong in their customer journey.” Noam Shapira, CEO Setoo