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January 23, 2019

AXA-backed travel insurtech Setoo gains its first customer

By Patrick Brusnahan

Travel insurtech Setoo has gained its first customer to utilise its platform for personalised offers.

The AXA-backed insurtech now has Invia Flights Germany, which provides online flight booking, as its customer.

This allows the travel agent to personalise customer journeys, offer parametric-based insurance deals, as well as an immediate claims compensation process.

“At Invia Flights Germany we pride ourselves in offering our customers perfectly tailored solutions,” said Balint Gyemant, CEO at Invia Flights Germany.

“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.”

“We are proud to be chosen by Invia Flights Germany and are excited to collaborate on delivering insurance and protection products that are relevant and loved by today’s consumers,” said Noam Shapira, Co-CEO at Setoo. “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.”

Travel insurtech Setoo

Setoo’s platform is IDD and GDPR compliant, allowing e-businesses to create insurance products without having to understand the regulation. Based on 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.

Setoo recently received €8m ($9m) in funding from Kamet, AXA’s insurtech studio. The firm wants to focus on providing a parametric “insurance-as-a-protection” offering.

Kamet has given a fair amount of funding in recent months. Insurtech start-up Anorak has received £5m ($6.4m) in funding from Kamet Ventures.

Furthermore, Anorak funding now totals £9m after the start-up studio backed up the firm with its  investment.

Insurtech start-up Anorak has received £5m ($6.4m) in funding from Kamet Ventures.

Furthermore, Anorak funding now totals £9m after the start-up studio backed up the firm with its  investment.

The Series A funds will enable Anorak to invest in tech and data teams to develop its proprietary technology. In addition, it hopes to leverage its recommendation engine to launch a platform for intermediaries and advisers.

Funding

India-based online insurance startup Turtlemint has raised $25m in a fresh funding round led by the Indian unit of global venture capital firm Sequoia Capital.

The funding round was also joined by the existing investors including Nexus Venture Partners and Blume Ventures.

Turtlemint offers an online platform for insurance agents to sell products. At present, it has almost 25,000 partners/agents working across more than 700 cities.

The company intends to use fund to increase its partner network along with developing training materials for its partners/agents.

The insurance-tech sector in India is flourishing. In December 2018, online startup Acko General Insurance reportedly raised $25m from Flipkart co-founder Binny Bansal. Earlier, in May it raised $12m in a funding round led by e-commerce giant Amazon.

In July, Go Digit Infoworks Services, the parent company of online insurance startup Digit Insurance, raised $45m from existing investor Fairfax.

In June, ETechAces Marketing & Consulting that manages online insurance selling platform PolicyBazaar.com, raised over $200m in a funding round led by SoftBank Vision Fund.

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