Setoo Integrates with SafeCharge Payments Technology for Protection-as-a-Service Offering

SafeCharge’s technology helps Setoo manage its transaction flows securely and efficiently without the need to rely on multiple providers for pay-in and pay-out.

(Image source SafeCharge homepage.)

Setoo, a London-based, startup insurance and protection-as-a-service company, has integrated SafeCharge’s payments technology to facilitate multi-directional payment processing through its platform, enabling the seamless transfers of funds and avoiding the need for any complicated insurance claim processes. Backed by AXA’s Kamet Ventures (London), Setoo’s parametric insurance products enable e-businesses to create and sell personalized insurance products that require no claim process from the consumer.

“Payment technology plays an extremely crucial role in the smooth running of our platform,” comments Eyal Gluska Co-founder & Co-CEO, Setoo. “A key differentiator for us is our ability to improve customer experience by removing the need for any claim process and providing immediate compensation. SafeCharge’s technology enables us to manage our transaction flows securely and efficiently without the need to rely on multiple providers for pay-in and pay-out, and it empowers automatic payment of compensation at a crucial moment in the consumer journey.”

“We are excited to support Setoo in its mission to revolutionize the insurance world with parametric-based products,” comments Yuval Ziv, CCO, SafeCharge. “Payments have become a strategic differentiator for modern organizations and a secret sauce of innovation. Thanks to our proven technology, Setoo can enable e-businesses to generate vital ancillary revenue opportunities and provide the utmost customer experience. We look forward to working with the team and drive innovation across the insurance industry.”

Start-up Setoo Gets €8 million in Financing from AXA’s Kamet Ventures

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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