Insurance and protection-as-a-service innovator Setoo closes €8million Series A funding round with AXA

London, UK, September 18, 2018: Groundbreaking insurance and protection-as-a-service company, Setoo, today announced it has closed an €8 million (±$9.3 million) Series A funding round, bringing the total amount raised to date to €10.3 million (±$12 million). The main investor in this and the seed round is Kamet, AXA’s Insurtech startup studio.

Setoo is disrupting the insurance market by enabling e-businesses to create and sell great protection tailored to the consumers’ needs and fit for the digital age.

In today’s digital world consumers expect businesses to provide services that are tailored to their exact needs and deliver a great customer experience. Whilst consumers have concerns for which they would like to buy protection, they are increasingly unwilling to spend money on what they see as irrelevant insurance products that don’t meet their needs. This impacts e-businesses negatively, who consider insurance to be a major component of their ancillary revenues and a means to create a great customer experience.

Setoo is solving this problem by empowering e-businesses, which understand their consumer best, to quickly and easily build and integrate tailor-made, simple insurance products that are automatically embedded into the customer journey. E-businesses benefit from one-click underwriting directly on their digital assets and providing personalised protection with automatic compensation for their consumers. By using these super targeted products, e-businesses such as e-commerce sites and online travel agents (OTAs) are able to meet their specific business goals, whether they are looking to delight their customers, generate new revenue streams, or differentiate within their crowded markets.

The highly scalable 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 lack of snow, fully automating payment and removing the hassle of the claims process for the customer.

To provide this service, Setoo 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. Insurance companies that partner with Setoo benefit from working with the brands employing some of the best marketers in the world, who design and distribute new protections that are highly consumer-centric and innovative.

“Our investment in Setoo supports AXA’s strategy to build more impactful insurance platforms as one of our four key priorities for innovation and to become a partner for the end customer”, commented Guillaume Borie, Chief Innovation Officer of the Group, AXA. “Setoo’s platform enables digital businesses to create, through automation, new types of insurance that are more relevant to consumers. Drawing on our expertise, Setoo is building a fantastic on-demand platform that will future-proof its clients’ businesses”, he added.

“Setoo stands for simplicity – in French ‘c’est tout’ means ‘that’s it’. My Co-founder Eyal Gluska and I chose the name to symbolise how simple and quick it is to create effective new protection products using the platform, and the simplicity of the products created for the consumer. This investment from Kamet is key to helping us expand across the EU and build further new products to empower more businesses to take control of insurance for their consumers,” commented Noam Shapira, Setoo’s Co-CEO.

About Setoo

Insurance and protection-as-a-service platform 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. Setoo has headquarters in London, an insurance center in Paris, and a research and development centre in Tel Aviv. 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. To find out more visit setoo.com.

About Kamet

Kamet backs brash entrepreneurs building the next generation of ground-breaking technology companies, geared to improve, enrich or disrupt the insurance ecosystem. With offices in Paris, London, Tel Aviv, and soon in Asia and America, Kamet focuses on pioneering start-ups that are ready to scale across the global stage. Funded by the AXA group, Kamet delivers unparalleled access to top corporations to match cutting-edge entrepreneurs with one of the world’s most powerful FI/ Insurance companies. To find out more visit: www.kametventures.com

 

Contact details:

James Fahy

setoo@gingermaypr.com

0203 642 1124

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©2018 Setoo Limited is part of Setoo Group Limited, a UK company registered with Companies House at 40 Islington High Street, London N1 8XB, registration number: 1187028.  Setoo Limited is an Appointed Representative of Resolution Compliance Limited, which is authorised and regulated by the Financial Conduct Authority.  Resolution Compliance Limited is on the Financial Services Register (www.fca.org.uk/register) under reference number 574048. Resolution Compliance Limited is registered in England and Wales under company number 07895493 at 12-16 Addiscombe Road, Croydon CR0 0XT. Setoo limited is regulated by the Financial Services Authority (FCA) registration number: 801225. Setoo SAS France is part of Setoo Group, an insurance broker registered with ORIAS, registration number: 18004300

Growth Manager at Setoo

Setoo stands for simplicity. In French, C’est tout means that’s it! Our name symbolizes the way we manage to transform cumbersome and complex insurance processes into simple protection products. Our vision is to create a world where personalized protections are easy, transparent and available to consumers at the right time and best price. Setoo’s fully automated SaaS platform helps e-businesses increase revenue from ancillary services and provide an outstanding customer journey experience. Funded by Kamet, AXA’s Insurtech startup studio, Setoo is headquartered in London with offices in Tel-Aviv and Paris.

Setoo is seeking for a super Growth Manager to work with our customers and help them use our platform in order to sell more of Setoo’s products. The Growth Manager will be responsible for all aspects of transforming a prospect to an ongoing successful customer. The right candidate will help Setoo’s customers generate better conversion rates from new ancillary revenues. The Growth Manager will thrive to become our customers’ trusted partner by maximizing the value they extract from Setoo’s platform, while keeping customers engaged and satisfied at each step of the journey. The role includes defining and managing all key touchpoints with customers to ensure Setoo is delivering the best possible customer experience.

RESPONSIBILITIES:

  • Understand customers’ key needs and identify opportunities to grow their business.
  • Build and execute a plan for ongoing improvement of business results achieved with Setoo’s platform. This includes analyzing data from conversions, defining new ideas and testing them.
  • Proactively identify and correct issues that could affect customer satisfaction or retention, and drive action to improve customer experience.
  • Work with UX engineers to define a great user experience that generates optimized conversion.
  • Help drive customer references and case studies.

QUALIFICATIONS:

  • 5+ years of relevant experience in working for a leading global B2C online company as a growth manager, product manager or commercial manager responsible for generating ancillary revenues.
  • Data driven – master data, statistical reasoning, with ability to define tests for improved conversions.
  • Strong UX and consumer messaging experience.
  • Highly organized and attentive to detail.
  • Diplomacy, tact and poise under pressure when working through customer issues.
  • English at mother tongue level, additional European languages an advantage.
  • Experience in e-commerce, Travel Industry; experience with Fintech or Insurance – an advantage.
  • Embrace the start-up atmosphere.
  • Location of position: Tel Aviv, London, Paris or Berlin. Willingness to travel.
  • Consultative approach and high sensitivity towards customer needs and intentions.
  • Education: University graduate; MBA – big plus.