Insurance and Protection-as-a-Service Innovator Setoo Closes €8 Million Series A Funding Round With AXA

LONDON, September 18, 2018 /PRNewswire/ --

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

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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 that 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 a lack of snow, fully automating payment and removing the hassle of the claims process for the customer.