It follows a series A funding round of €8m last year in September
Setoo has announced its first customer to use its platform – Invia Flights Germany.
It will allow the German online travel agent to personalise its customer journey, offer parametric-based insurance as an online product and allow an immediate claims compensation process.
The two claim to share a joint mission to offer “personalised insurance”.
It follows the AXA-backed insurtech’s launch of its parametric “insurance-as-a-protection” platform late last year.
Personalised insurance
With 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.
Invia Flights Germany GmbH pools the flight business of various portals.
Balint Gyemant, chief executive at Invia Flights Germany, said: “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.”
IDD and GDPR compliant
Setoo’s generic platform is IDD (insurance distribution directive) compliant– an EU legislation which sets regulatory requirements for firms designing and selling insurance products. But it is also GDPR compliant - it claims to allow e-businesses to create insurance products covered by insurers without having to understand insurance regulatory requirements.
Noam Shapira, co-chief executive at Setoo, said: “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.”
Setoo’s use of external data sources and advanced machine learning algorithms enables e-businesses to provide accurate pricing, the company asserts.
Last year the insurtech received €8m in a series A funding round by Kamet, AXA’s insurtech startup studio.
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