Setoo books travel insurance deal with lm group

May 22, 2019

Insurance technology startup, Setoo, said it has reached an agreement with lastminute.com owners, lm group, to provide it with easy-to-use insurance and protection products that require no claims process and deliver immediate compensation.

Setoo, which enables e-businesses to build and distribute personalised insurance and protection products, said the deal will cover insurance offerings in the UK, France, Italy, Spain and Germany. 

The insurance products will enable travellers to protect themselves against flight delays, with plans to expand the product range to include risks relating to weather and missed flight connections.

Targeted and personalised protection

The initiative will empower lm group to offer super targeted, personalised and transparent protections that drive conversions, Setoo said. 

Customers using the new insurance products will benefit from an improved customer journey and an exceptional insurance experience.

“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”, said Guk Kim, Chief Growth Officer at lm group. 

“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 said its 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.