Setoo

Setoo has developed a fully automated SaaS platform, enabling clients to build tailor-made protection products that generate new revenue streams.

Setoo's platform is IDD and GDPR compliant, with an easy workflow from ideation to testing and launching a product – underwritten by insurers such as AXA – without having to understand insurance regulatory requirements. Based on principles including parametric insurance, e-businesses can create protection products with one-click underwriting policies that are triggered automatically, dispensing immediate compensation and eliminating the need for filing claims.

In early 2019, the InsurTech worked with Invia Flights Germany. Later in the year, the company announced that it had reached an agreement with lastminute.com owners lm group, to service it with easy-to-use insurance and protection products that require no claims process and deliver immediate compensation. According to company representatives, the deal will cover insurance offerings in the UK, France, Italy, Spain and Germany.

A short while later, Setoo announced it had partnered with travel agency Omio to offer UK customers flight delay insurance with an automatic claim payment.

In March 2020 Setoo partnered with Issta, an Israeli travel agency, to provide travellers coverage against poor skiing conditions when they go on holiday. Customers can be alerted up to three days before departure if the weather shows signs of putting their holiday at risk, and can then decide whether or not they wish to continue with the trip, or cancel their holiday and apply for a new Issta holiday package.

In July 2021 it was announced Setoo was to merge with Pattern, an MGA previously in stealth mode which offers both parametric and traditional embedded insurance. The joint company will be called Pattern and will operate in both the EU and the US.

Headquartered in London with offices in Tel-Aviv and Paris, Setoo is backed by Kamet, the InsurTech startup studio backed by AXA Group’s knowledge, capital, and assets.