Israeli insurtech co Setoo raises $9.3m

Startups

Setoo is disrupting the insurance market by enabling e-businesses to create and sell great protection tailored to the consumers' needs.

 

Israeli insurance and protection-as-a-service company <a target=new href=https://www.setoo.com/>Setoo</a> today announced it has closed an €8 million ($9.3 million) Series A financing round led by Kamet, AXA's Insurtech startup studio. The company has raised $12 million to date.

<p>Founded by co-CEOs Noam Shapira and Eyal Gluska, 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. The company has offices in Tel Aviv, the UK and France.

<p>Setoo empowers 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 personalized protection with automatic compensation for their consumers.

<p>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.

<p>AXA Group Chief Innovation Officer Guillaume Borie said, "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. 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."

<p>Shapira said, "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."

<p><i>Published by Globes [online], Israel business news - <a href=http://www.globes-online.com>www.globes-online.com</a> - on September 18, 2018</i>

<p><i>© Copyright of Globes Publisher Itonut (1983) Ltd. 2018</i>

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