Insurance and protection platform Setoo has been selected by Invia Flights Germany to offer customers with personalised travel insurance.
By utilising Setoo, Invia will be able to improve the customer journey and offer its customers insurance products personalised to specific travellers and trips. Some of the initial protections are for flight delays or cancelations, with others in the works.
The Setoo platform enables businesses to create insurance products which are covered by insurers like AXA and meet necessary IDD and GDPR regulatory requirements. Businesses can create insurance policies with one-click underwriting which are triggered automatically and immediately deploy capital without the need of a claim.
In order to build these insurance products, Setoo uses external data sources and machine learning algorithms to analyse historic events and use this to price specific risks in real-time. The solution is integrated via an API and can enable businesses to offer insurance as part of their customer journey.
Invia Flights Germany CEO Balint Gyemant said, “Setoo’s parametric-based platform facilitates our approach, enabling us to serve our customers’ needs even better. We have implemented Setoo’s platform and began offering protections such as flight delay and cancellation.
“With numerous options to build and test additional new products, we provide more intelligent products within the customer journey. I’m confident we’ll enjoy enhanced brand loyalty and therefore see increased conversions.”
Last year, Setoo closed a Series A funding round on €8m, with AXA’s startup studio Kamet leading the round. The capital was raised to support the European-wide expansion plans of the InsurTech company, as well as the development of new insurance policies.
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