LONDON, Oct. 23, 2019 /PRNewswire/ -- Insurance and protection-as-a-service company, Setoo, today announced that Campings.com, a Europe-wide campsite bookings company, selected its platform to provide a first-of-its-kind weather insurance product to its customers.
Currently available to European travellers booking holidays in France, Italy and Spain, Setoo's platform enables Campings.com to offer campers a rainy day protection, which allows them to cancel and be compensated for their holiday 72 hours in advance, in the event of forecasted rain.
Based on the readily available weather data on Meteomatics, Setoo's platform issues an immediate and automatic notification of forecasted rain to relevant campers, with the option to cancel their bookings. If a customer decides not to continue with the holiday plans, compensation is automatically delivered, removing any need for a claims process and all associated hassle.
Jerome Mercier, CEO at Campings.com, said, "The weather is an especially important consideration for campers, who are more exposed to the elements than other holidaymakers. Because of this, we have been searching for a weather protection product for some years before finding exactly what we needed in Setoo's rainy day protection. Setoo's innovative platform will ensure we continue to create a great experience for our customers while driving additional business for Campings.com."
The pricing model for the rainy day protection is based on machine learning techniques and is determined in real time. Hence, a specific premium is calculated per policy according to the weather characteristics for each campsite and dates. This ensures campers get the optimal price for the insurance product.
Noam Shapira, co-founder and co-CEO at Setoo, said, "Campers aren't looking for complicated, one-size-fits-all insurance products. They want simple products that protect them from risks relevant specifically to them – such as rain. I'm delighted Setoo can help meet their needs. By integrating Setoo's rainy day protection into its online purchase journey, Campings.com can expect higher conversion rates, increased revenues and happier campers."
Setoo's platform delivers cutting edge technological capabilities using AI, machine learning, parametric capabilities and APIs, which enable personalisation, real-time pricing and claims-free products with immediate compensation, while remaining compliant with the Insurance Distribution Directive (IDD) and GDPR.
Campings.com is the European leader in booking outdoor accommodation on the internet. Its search engine allows its community to compare the best campsites in Europe and find the ideal rental accommodation (mobile homes, cabins, cabins, accommodation canvas). Every year, Campings.com's team of experts selects the best campsites in France and abroad (Spain, Italy, Portugal, Croatia) according to criteria based on more than 10 years of experience.
Setoo empowers e-businesses to build and distribute personalised insurance and protection products, increasing revenue from ancillary services and delivering exceptional customer experience. With Setoo's parametric insurance-as-a-service platform, e-businesses can create new, super-targeted protections within minutes, addressing consumers' actual concerns, and generating automatic compensation without the need to file any claim. Setoo operates as an MGA and is approved by the FCA in UK and ACPR in EU. Setoo recently announced a €8M Series A funding round by Kamet, AXA's Insurtech startup studio.
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