Setoo Partners with lm group to Offer Insurance Products to Lastminute.com Customers

Delivered within a personalized customer journey, the current products protect travelers against flight delays, with plans to expand to risks relating to weather and missed flight connections. 

(Image credit: Jan Vašek/JESHOOTS-com.)

Setoo, a London-based, startup personalized insurance and protection-as-a-service company, has reached an agreement with lm group (Amsterdam) to provide the European customers of lastminute.com, one of the leading online travel agencies worldwide, with what the company describes as innovative and easy-to-use insurance and protection products that require no claims process and deliver immediate compensation.

Noam Shapira, co-CEO, Setoo.

The insurance products, which will be integrated within a personalized customer journey, will be available in UK, France, Italy, Spain and Germany, enabling travelers to protect themselves against flight delays, with plans to expand the product range to include risks relating to weather and missed flight connections.

The partnership aims to let lm group offer targeted, personalized and transparent protections that drive conversions. Customers using the new insurance products will benefit from an improved customer journey and an exceptional insurance experience, according to a Setoo statement.

“This initiative with Setoo creates new opportunities to drive ancillary offers and also boost our brand loyalty by providing our customers with more personalized and hassle-free products,” comments Guk Kim, Chief Growth Officer, lm group. “Setoo’s platform enables the flexibility to constantly test new products that can protect our customers from unforeseen events, optimizing performance and conversion.”

Guk Kim, Chief Growth Officer, lm group.

Value-Added Offerings

“We are delighted to be selected by lm group to expand their value-added offerings, says Noam Shapira, co-founder and co-CEO, Setoo. “We look forward to a long and fruitful collaboration that will generate exciting new products to protect consumers against a variety of risks and enhance their overall travel experience.”

Setoo reports that its platform uses AI, machine learning, parametric capabilities and APIs, which enable personalization, real-time pricing and claims-free products with immediate compensation, while remaining compliant with the Insurance Distribution Directive (IDD) and GDPR.

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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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