Setoo is a UK-based insurance and protection-as-a-service startup that has raised €8 million in Series A funding. So far Setoo has raised a total of €10.3 million. Kamet, an investment company backed by the major insurance firm AXA Group, led this round along with the company’s seed round.
“Setoo stands for simplicity – in French ‘c’est tout’ means ‘that’s it’. My co-founder Eyal Gluska and I chose the name to symbolize 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,” said Setoo co-CEO Noam Shapira. “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.”
Setoo enables e-businesses to create and sell protection based on consumers’ needs. Consumers want insurance products that are tailored for their needs because often times they get roped into buying protection on irrelevant products that do not meet their needs. Setoo uses the Managing General Agent (MGA) model and is licensed by the Financial Conduct Authority for distributing its products on behalf of insurers in the European Union.
Setoo works with e-businesses to easily build simple insurance products that become automatically embedded into the customer’s journey using one-click underwriting directly on their digital assets.
For example, online travel agents would be able to provide insurance to cover for missed flight connections in case travelers end up on a preceding flight that gets delayed or canceled. Setoo will be able to send SMS messages to the traveler on behalf of the travel agent that explains that a full refund was provided and offer flight alternatives.