London-based insurance and “Protection-as-a-Service” firm Setoo is airborne and in an affable mood as it has got its first customer.
After its platform launch late last year, the insurtech start-up has now welcomed Invia Flights Germany onboard. The latter pools the flight business of portals.
Setoo says its platform functions as a factory for Invia to build and sell its own insurance products tailored to the specific needs of its customers.
Balint Gyemant, CEO at Invia Flights Germany, comments: “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.”
According to Setoo, its generic platform is IDD and GDPR compliant, allowing e-businesses to create insurance products – covered by companies like AXA – without having to understand insurance regulatory requirements.
Based on parametric insurance, e-businesses can create products with “one-click underwriting policies that are triggered automatically, dispensing immediate compensation and eliminating the need for filing claims”.
To enable e-businesses to provide pricing of products, Setoo taps into external data sources and applies machine learning algorithms, which learn the history of events and enable pricing per specific risk, in real time. It integrates this once via a set of APIs.
Last year, Setoo got €8 million in a Series A funding round led by Kamet, AXA’s insurtech start-up studio.