Setoo, a London, UK- Tel Aviv-Yafo, Israel and Paris, France-based based insurance and protection-as-a-service company, closed an €8m Series A funding round.
The round, which brought total amount raised to date to €10.3m, was led by Kamet, AXA’s Insurtech startup studio.
Led by Co-CEOs Eyal Gluska and Noam Shapira and and Pierre-Olivier Desaulle, Chief Insurance Officer, Setoo enables e-businesses such as e-commerce sites and online travel agents (OTAs) to create and sell protection tailored to the consumers’ needs and fit for the digital age.
The insurance products are automatically embedded into the customer journey.
The platform covers risks that relate to exogenous events that could ruin the customer journey. For example, an OTA 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 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.
To provide this service, the company opted to use the Managing General Agent (MGA) model, so the company is licensed by the FCA to distribute products on behalf of insurers in the EU.