Setoo, an insurtech and ‘protection-as-a-service’ startup backed by AXA, has announced the closure of a €8-million Series A funding round. This brings the total amount of capital that the insurtech has raised to date to €10.3 million; its main investor in both its seed round and this latest round is Kamet, the insurtech startup studio run by AXA.
Setoo provides a platform that allows e-businesses – such as e-commerce sites and online travel agents – to more easily respond to demanding and expectant customers with tailor-made insurance products. For example, an online travel agent that sells a series of connecting flights on multiple airlines can add an insurance product that will cover missed connections in the event of cancellations or delays. Should this situation transpire, Setoo would automatically message the customer on the business’s behalf, informing them of the delay and that a full refund has been provided, and advising them of alternative transport possibilities.
The service includes one-click underwriting and personalised protection, with automatic compensation for customers. Through these highly targeted products, Setoo hopes to empower e-businesses and give them more freedom to meet specific business goals and keep customers happy.
“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,” said Guillaume Borie, Chief Innovation Officer at 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.”