InsurTech 100 company Setoo partners with for rainy-day insurance

Insurance and protection-as-a-service company Setoo has been chosen by campsite booking platform to offer customers weather insurance products.

As part of the deal, European travellers booking holidays in France, Italy, and Spain through can use Setoo to take out a rainy-day protection insurance policy. This enables them to cancel and be compensated for their holidays 72 hours in advance, in the event of forecasted rain.

Setoo sends an immediate and automatic notification of forecasted rain to relevant campers, with the option to cancel their booking. If they chose to stop their holiday plans, they are automatically sent compensation without the need of a claims process.

Pricing for the policy is based on machine learning technology and is handled in real-time. It accounts for factors such as weather characteristics for each campsire and dates.

Setoo co-founder and co-CEO Noam Shapira said, “Campers aren’t looking for complicated, one-size-fits-all insurance products. They want simple products that protect them from risks relevant specifically to them – such as rain. I’m delighted Setoo can help meet their needs. By integrating Setoo’s rainy day protection into its online purchase journey, can expect higher conversion rates, increased revenues and happier campers.”

Earlier in the week, Setoo was named in the second annual InsurTech 100 list.

Setoo has completed a handful of partnerships this year. Previously the InsurTech signed a deal with European booking platform Omio to supply travellers with flight delay insurance.

Copyright © 2019 FinTech Global

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