Campings.com Collaborates With Setoo to Offer First-of-its-kind Weather Insurance
Setoo enables Invia Flights Germany, known for brands like fluege.de in the German OTA market, to independently design and distribute new types of insurance products that are personalised, transparent, and offer immediate compensation with no claim process required
London, UK, January 22, 2019: Insurance and protection-as-a-service company, Setoo, today announced that its platform was selected by Invia Flights Germany GmbH, an Invia Group company, to provide their consumers a delightful customer journey with a new type of insurance experience that meets the demands of today’s modern consumers.
With Setoo’s platform, Invia Flights Germany can differentiate its customer journey and accelerate its business, turning parametric-based insurance into an online product that is offered like any other e-commerce product. The platform enables contextualizing offerings according to specific travelers and trips, ensuring that the right solution is delivered to the right customer.
“At Invia Flights Germany we pride ourselves in offering our customers perfectly tailored solutions,” said Balint Gyemant, CEO at Invia Flights Germany. “Setoo’s parametric-based platform facilitates our approach, enabling us to serve our customers’ needs even better. We have implemented Setoo’s platform and began offering protections such as flight delay and cancellation. With numerous options to build and test additional new products, we provide more intelligent products within the customer journey. I’m confident we’ll enjoy enhanced brand loyalty and therefore see increased conversions.”
Setoo’s generic platform is IDD and GDPR compliant, allowing e-businesses to create insurance products – covered by insurance companies like AXA – without having to understand insurance regulatory requirements. Based on parametric insurance, e-businesses can create insurance products with one-click underwriting policies that are triggered automatically, dispensing immediate compensation and eliminating the need for filing claims.
“We are proud to be chosen by Invia Flights Germany and are excited to collaborate on delivering insurance and protection products that are relevant and loved by today’s consumers,” said Noam Shapira, Co-CEO at Setoo. “Invia’s innovative and customer-centric approach is impressive, and their customers will be first to benefit from worry and hassle-free insurance products, which cover risks related to exogenous events that could ruin their customer journey.”
To enable e-businesses to provide accurate pricing of insurance products, Setoo taps into external data sources and applies advanced machine learning algorithms, which learn the history of events and enable pricing per specific risk,in real time. Integrated once via a simple set of APIs,
e-businesses can deliver the insurance offerings as part of the customer journey, while benefitting from agility and scalability to build and test any product, optimizing marketing efforts and ensuring maximum conversion rate.
About Invia Group
Invia Group brings together leading travel portals in Europe under one roof. From package holidays to tailored tours, from business trips to family breaks – our offers for tourists serve a wide range of target groups.
Invia Flights Germany GmbH pools the flight business of portals such as fluege.de, airline-direct.de and Billigfluege.de.
About Setoo
Setoo empowers e-businesses to build and distribute personalised insurance and protection products, increasing revenue from ancillary services and delivering exceptional customer experience. With Setoo’s parametric insurance-as-a-service platform, e-businesses can create new, super-targeted protections within minutes, addressing consumers’ actual concerns, and generating automatic compensation without the need to file any claim. Setoo operates as an MGA and is approved by the FCA in UK and ACPR in EU. Setoo recently announced a €8M Series A funding round by Kamet, AXA's Insurtech startup studio.
Contact details:
James Fahy
setoo@gingermaypr.com
0203 642 1124
Omio Chooses Setoo to Transform Its Travel Insurance Offering in the UK
Setoo enables Invia Flights Germany, known for brands like fluege.de in the German OTA market, to independently design and distribute new types of insurance products that are personalised, transparent, and offer immediate compensation with no claim process required
London, UK, January 22, 2019: Insurance and protection-as-a-service company, Setoo, today announced that its platform was selected by Invia Flights Germany GmbH, an Invia Group company, to provide their consumers a delightful customer journey with a new type of insurance experience that meets the demands of today’s modern consumers.
With Setoo’s platform, Invia Flights Germany can differentiate its customer journey and accelerate its business, turning parametric-based insurance into an online product that is offered like any other e-commerce product. The platform enables contextualizing offerings according to specific travelers and trips, ensuring that the right solution is delivered to the right customer.
“At Invia Flights Germany we pride ourselves in offering our customers perfectly tailored solutions,” said Balint Gyemant, CEO at Invia Flights Germany. “Setoo’s parametric-based platform facilitates our approach, enabling us to serve our customers’ needs even better. We have implemented Setoo’s platform and began offering protections such as flight delay and cancellation. With numerous options to build and test additional new products, we provide more intelligent products within the customer journey. I’m confident we’ll enjoy enhanced brand loyalty and therefore see increased conversions.”
Setoo’s generic platform is IDD and GDPR compliant, allowing e-businesses to create insurance products – covered by insurance companies like AXA – without having to understand insurance regulatory requirements. Based on parametric insurance, e-businesses can create insurance products with one-click underwriting policies that are triggered automatically, dispensing immediate compensation and eliminating the need for filing claims.
“We are proud to be chosen by Invia Flights Germany and are excited to collaborate on delivering insurance and protection products that are relevant and loved by today’s consumers,” said Noam Shapira, Co-CEO at Setoo. “Invia’s innovative and customer-centric approach is impressive, and their customers will be first to benefit from worry and hassle-free insurance products, which cover risks related to exogenous events that could ruin their customer journey.”
To enable e-businesses to provide accurate pricing of insurance products, Setoo taps into external data sources and applies advanced machine learning algorithms, which learn the history of events and enable pricing per specific risk,in real time. Integrated once via a simple set of APIs,
e-businesses can deliver the insurance offerings as part of the customer journey, while benefitting from agility and scalability to build and test any product, optimizing marketing efforts and ensuring maximum conversion rate.
About Invia Group
Invia Group brings together leading travel portals in Europe under one roof. From package holidays to tailored tours, from business trips to family breaks – our offers for tourists serve a wide range of target groups.
Invia Flights Germany GmbH pools the flight business of portals such as fluege.de, airline-direct.de and Billigfluege.de.
About Setoo
Setoo empowers e-businesses to build and distribute personalised insurance and protection products, increasing revenue from ancillary services and delivering exceptional customer experience. With Setoo’s parametric insurance-as-a-service platform, e-businesses can create new, super-targeted protections within minutes, addressing consumers’ actual concerns, and generating automatic compensation without the need to file any claim. Setoo operates as an MGA and is approved by the FCA in UK and ACPR in EU. Setoo recently announced a €8M Series A funding round by Kamet, AXA's Insurtech startup studio.
Contact details:
James Fahy
setoo@gingermaypr.com
0203 642 1124
Invia Flights Germany selects Setoo’s insurance and protection platform to provide their consumers a delightful customer journey
Setoo enables Invia Flights Germany, known for brands like fluege.de in the German OTA market, to independently design and distribute new types of insurance products that are personalised, transparent, and offer immediate compensation with no claim process required
London, UK, January 22, 2019: Insurance and protection-as-a-service company, Setoo, today announced that its platform was selected by Invia Flights Germany GmbH, an Invia Group company, to provide their consumers a delightful customer journey with a new type of insurance experience that meets the demands of today’s modern consumers.
With Setoo’s platform, Invia Flights Germany can differentiate its customer journey and accelerate its business, turning parametric-based insurance into an online product that is offered like any other e-commerce product. The platform enables contextualizing offerings according to specific travelers and trips, ensuring that the right solution is delivered to the right customer.
“At Invia Flights Germany we pride ourselves in offering our customers perfectly tailored solutions,” said Balint Gyemant, CEO at Invia Flights Germany. “Setoo’s parametric-based platform facilitates our approach, enabling us to serve our customers’ needs even better. We have implemented Setoo’s platform and began offering protections such as flight delay and cancellation. With numerous options to build and test additional new products, we provide more intelligent products within the customer journey. I’m confident we’ll enjoy enhanced brand loyalty and therefore see increased conversions.”
Setoo’s generic platform is IDD and GDPR compliant, allowing e-businesses to create insurance products – covered by insurance companies like AXA – without having to understand insurance regulatory requirements. Based on parametric insurance, e-businesses can create insurance products with one-click underwriting policies that are triggered automatically, dispensing immediate compensation and eliminating the need for filing claims.
“We are proud to be chosen by Invia Flights Germany and are excited to collaborate on delivering insurance and protection products that are relevant and loved by today’s consumers,” said Noam Shapira, Co-CEO at Setoo. “Invia’s innovative and customer-centric approach is impressive, and their customers will be first to benefit from worry and hassle-free insurance products, which cover risks related to exogenous events that could ruin their customer journey.”
To enable e-businesses to provide accurate pricing of insurance products, Setoo taps into external data sources and applies advanced machine learning algorithms, which learn the history of events and enable pricing per specific risk,in real time. Integrated once via a simple set of APIs,
e-businesses can deliver the insurance offerings as part of the customer journey, while benefitting from agility and scalability to build and test any product, optimizing marketing efforts and ensuring maximum conversion rate.
About Invia Group
Invia Group brings together leading travel portals in Europe under one roof. From package holidays to tailored tours, from business trips to family breaks – our offers for tourists serve a wide range of target groups.
Invia Flights Germany GmbH pools the flight business of portals such as fluege.de, airline-direct.de and Billigfluege.de.
About Setoo
Setoo empowers e-businesses to build and distribute personalised insurance and protection products, increasing revenue from ancillary services and delivering exceptional customer experience. With Setoo’s parametric insurance-as-a-service platform, e-businesses can create new, super-targeted protections within minutes, addressing consumers’ actual concerns, and generating automatic compensation without the need to file any claim. Setoo operates as an MGA and is approved by the FCA in UK and ACPR in EU. Setoo recently announced a €8M Series A funding round by Kamet, AXA's Insurtech startup studio.
Contact details:
James Fahy
setoo@gingermaypr.com
0203 642 1124
Setoo Appoints Harald Eisenaecher to Advisory Board
London, UK, 17th October 2018: Setoo, the insurance and protection-as-a-service company, today announced the appointment of Harald Eisenaecher to its advisory board.
Eisenaecher is Chief Commercial Officer for InFare, a market-leading provider of airfare and pricing intelligence to the travel industry. Prior to this, he held senior commercial and marketing roles at prominent travel, retail and telecoms companies, including Sabre, Deutsche Lufthansa, Ebay and Deutsche Telekom AG. In addition, he serves on the boards of Ifolor AG and Groz-Beckert.
“Setoo is truly disrupting the way e-businesses can create great customer experiences whilst growing revenues through the creation of personalised insurance tailored to the needs of their customers,” commented Eisenaecher.
“Based on my experience in transforming digital businesses, I am excited to contribute my expertise to the Setoo team in helping grow its customers’ businesses,” he added.
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 exogenous 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 ancillary revenues.
Noam Shapira, co-founder and co-CEO of Setoo, commented on Eisenaecher’s appointment, “Harald’s deep knowledge and leadership experience across the travel and retail industries, make him a huge asset to the advisory board. The management team is excited about working with him to realise our ambitious growth plans for Setoo.”
In September 2018 Setoo announced the completion an €8 million Series A funding round, bringing the total amount raised to date to €10.3million. The main investor in this and the seed round is Kamet, AXA's Insurtech startup studio.
About Setoo
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 centre 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. Setoo is backed by Kamet, AXA’s Insurtech studio.
To find out more, visit setoo.com.
Contact details:
James Fahy
setoo@gingermaypr.com
0203 642 1124
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
0203 642 1124