LONDON, January 22, 2019 /PRNewswire/ --
Setoo enables Invia Flights Germany, known for brands like fluege.de in the German OTA market, to independently design and distribute new types of insurance products that are personalised, transparent, and offer immediate compensation with no claim process required
Insurance and protection-as-a-service company, Setoo, today announced that its platform was selected by Invia Flights Germany GmbH, an Invia Group company, to provide their consumers a delightful customer journey with a new type of insurance experience that meets the demands of today's modern consumers.
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With Setoo's platform, Invia Flights Germany can differentiate its customer journey and accelerate its business, turning parametric-based insurance into an online product that is offered like any other e-commerce product. The platform enables contextualizing offerings according to specific travelers and trips, ensuring that the right solution is delivered to the right customer.
"At Invia Flights Germany we pride ourselves in offering our customers perfectly tailored solutions," said Balint Gyemant, CEO at Invia Flights Germany. "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."
Setoo's generic platform is IDD and GDPR compliant, allowing e-businesses to create insurance products - covered by insurance companies like AXA - without having to understand insurance regulatory requirements. Based on parametric insurance, e-businesses can create insurance products with one-click underwriting policies that are triggered automatically, dispensing immediate compensation and eliminating the need for filing claims.
"We are proud to be chosen by Invia Flights Germany and are excited to collaborate on delivering insurance and protection products that are relevant and loved by today's consumers," said Noam Shapira, Co-CEO at Setoo. "Invia's innovative and customer-centric approach is impressive, and their customers will be first to benefit from worry and hassle-free insurance products, which cover risks related to exogenous events that could ruin their customer journey."
To enable e-businesses to provide accurate pricing of insurance products, Setoo taps into external data sources and applies advanced machine learning algorithms, which learn the history of events and enable pricing per specific risk, in real time. Integrated once via a simple set of APIs,
e-businesses can deliver the insurance offerings as part of the customer journey, while benefitting from agility and scalability to build and test any product, optimizing marketing efforts and ensuring maximum conversion rate.
About Invia Group
Invia Group brings together leading travel portals in Europe under one roof. From package holidays to tailored tours, from business trips to family breaks - our offers for tourists serve a wide range of target groups.
Invia Flights Germany GmbH pools the flight business of portals such as fluege.de, airline-direct.de and Billigfluege.de.
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.