British-Israeli Insurance Tech Startup Setoo Raises $9M

Insurance tech startup Setoo, founded in the UK by Israeli entrepreneurs, announced this week that it raised €8 million (approximately $9.3 million) in a Series A funding round led by Kamet, the Insurtech startup studio by French insurance multinational AXA.

Setoo, derived from “c’est tout” in French which means “that’s it” and denotes simplicity, provides insurance protection-as-a-service to online businesses tailored to consumer needs.

Setoo said in a press release on Monday that it empowers “e-businesses, which understand their consumer best, to quickly and easily build and integrate tailor-made, simple insurance products that are automatically embedded into the customer journey. E-businesses benefit from one-click underwriting directly on their digital assets and providing personalized protection with automatic compensation for their consumers.”

Clients include e-commerce sites and online travel agencies. An example of how the system works could be in the instance of an online travel agent (OTA) providing insurance through Setoo for flight connections from multiple airlines that may be delayed or canceled. In these cases, Setoo sends an automated SMS to the consumer on behalf of the OTA, explaining that a full refund has been provided and offering alternative flight suggestions. In another example, a tour operator selling ski holidays could insure against a lack of snow, “fully automating payment and removing the hassle of the claims process for the customer,” Setoo says.

Guillaume Borie, Chief Innovation Officer of AXA said in a statement: “Our investment in Setoo supports AXA’s strategy to build more impactful insurance platforms as one of our four key priorities for innovation and to become a partner for the end customer.”

Noam Shapira, Setoo’s co-CEO and co-founder alongside Eyal Gluska, said they chose the name “to symbolize how simple and quick it is to create effective new protection products using the platform, and the simplicity of the products created for the consumer.”

He added that the investment will help Setoo expand in the EU and build additional insurance products.

Setoo, founded in 2017, has its headquarters in London, an insurance center in Paris, and a research and development center in Tel Aviv. The company is led by Shapira and Gluska as co-CEOs, along with Pierre-Olivier Desaulle as chief insurance officer.