LONDON, May 22, 2019 /PRNewswire/ -- Setoo, the company that enables e-businesses to build and distribute personalised insurance and protection products, has reached an agreement with lm group to provide the European customers of one of the leading online travel agencies worldwide with innovative and easy-to-use insurance and protection products that require no claims process and deliver immediate compensation.
Customised to the customer journey, the insurance offerings will be available in UK, France, Italy, Spain and Germany, enabling travellers to protect themselves against flight delays, with plans to expand the product range to include risks relating to weather and missed flight connections.
The initiative will empower lm group to offer super targeted, personalised and transparent protections that drive conversions. Customers using the new insurance products will benefit from an improved customer journey and an exceptional insurance experience.
Guk Kim, Chief Growth Officer at lm group, said "This initiative with Setoo creates new opportunities to drive ancillary offers and also boost our brand loyalty by providing our customers with more personalised and hassle-free products. Setoo's platform enables the flexibility to constantly test new products that can protect our customers from unforeseen events, optimising performance and conversion."
Noam Shapira, co-founder and co-CEO, Setoo, said "We are delighted to be selected by lm group to expand their value-added offerings. We look forward to a long and fruitful collaboration that will generate exciting new products to protect consumers against a variety of risks and enhance their overall travel experience."
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.
About lm group
lm group is among the worldwide leaders in the online travel industry and operates a portfolio of well-known brands such as lastminute.com, Volagratis, Rumbo, weg.de, Bravofly, Jetcost and Hotelscan. The Group's mission is to be the most relevant and inspiring travel company, committed to enriching the life of travellers. Every month, the Group touches 45 million users across all its websites and mobile apps (in 17 languages and 40 countries) who search for and book their travel and leisure experiences with us. More than 1,200 people enjoy working with us and contribute to providing our audience with a comprehensive and inspiring offering of travel related products and services. lastminute.com N.V. is a publicly traded company listed under the ticker symbol LMN on SIX Swiss Exchange.
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.