(Image source: Setoo homepage.)
Setoo, a London-based, startup insurance and protection-as-a-service company, announced that it has received €8 million in financing from principal investor Kamet Ventures (London), AXA’s (Paris) InsurTech startup studio, as part of its Series A funding round, bringing the total amount raised to date to €10.3 million, according to a company announcement.
Setoo is licensed by the Financial Conduct Authority (FCA) and utilizes the Managing General Agent (MGA) model to distribute products on behalf on insurers in the EU. This enables Setoo to provide e-businesses with the tools to create their own customized insurance products to offer directly to their client base. The e-businesses can underwrite their digital assets themselves, with one click, Setoo reports.
The platform allows for a high degree of flexibility and scalability, enabling businesses such as e-commerce sites and online travel agents to create specific products for their particular clients, according to Setoo. These in turn allow e-business to meet such business goals as client retention, diversification of revenue streams, or differentiation within the market. They can also integrate their insurance offerings with the rest of their user experience in a streamlined fashion for an enhanced user experience, reports Setoo.
“Our investment in Setoo supports AXA’s strategy to build more impactful insurance platforms as one of our four key priorities for innovation and to become a partner for the end customer,” comments Guillaume Borie, Group Chief Innovation Officer, AXA. “Setoo’s platform enables digital businesses to create, through automation, new types of insurance that are more relevant to consumers. Drawing on our expertise, Setoo is building a fantastic on-demand platform that will future-proof its clients’ businesses.”
Creating Effective New Protection Products
“Setoo stands for simplicity—in French ‘c’est tout’ means ‘that’s it’,” notes Noam Shapira, the company’s co-CEO. “My Co-founder Eyal Gluska and I chose the name to symbolize how simple and quick it is to create effective new protection products using the platform, and the simplicity of the products created for the consumer.”
“This investment from Kamet is key to helping us expand across the EU and build further new products to empower more businesses to take control of insurance for their consumers,” Shapira adds.