LONDON, Dec. 2, 2019 /PRNewswire/ -- Insurance and protection-as-a-service company, Setoo, has been recognised by Fintech Global as one of the world's most innovative InsurTech companies and included in its InsurTech100 list for 2019.
The annual list names 100 InsurTech companies – shortlisted from over 1,000 by a panel of analysts and industry experts. The chosen companies are acknowledged for their pioneering use of insurance technologies to address pressing industry challenges, while automating processes and reducing costs across the insurance value chain. The list also highlights the InsurTech companies that are expected to succeed and deliver long-term value to the market.
"Every online transaction is also an opportunity to sell insurance," said Eyal Gluska, co-CEO of Setoo. "And this means e-businesses should leverage this opportunity to increase ancillary revenue and gain a competitive advantage. We are honored to be recognised by InsurTech100 and remain highly focused on advancing our platform's capabilities."
"We are proud of this nomination, which further validates our philosophy that insurance should, and can be, turned into products consumers love to buy – just like any other online product. Our customers, the e-businesses, are already realising this by independently creating and distributing personalised, relevant and claims-free insurance products via our platform," added Noam Shapira, co-CEO of Setoo.
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.
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.