7 years ago

Setoo Secures €8 Million in Series A Funding Led by Kamet

  • Setoo, an insurance and protection-as-a-service company, has closed an €8 million Series A funding round led by Kamet, AXA’s Insurtech startup studio

  • The round brings Setoo's total funding to €10.3 million

  • Setoo enables e-businesses to create and sell insurance products that are tailored to consumers' needs and fit for the digital age

  • The insurance products are automatically embedded into the customer journey and cover risks 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

  • Setoo uses the Managing General Agent (MGA) model, which means they are licensed by the FCA to distribute products on behalf of insurers in the EU.

      • ProblemTechnology

      "E-businesses, like online travel agents and e-commerce sites, struggle to offer insurance products that are tailored to the specific needs of their customers and are easy to integrate into their digital platforms."

      Solution

      "Setoo provides a platform that allows e-businesses to seamlessly integrate insurance products into their customer journey, offering protection against risks that can disrupt their experience. These products are automatically embedded into the customer journey, making it easy for businesses to offer them and for customers to purchase them."

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