LONDON, July 9, 2019 /PRNewswire/ -- Insurance and protection-as-a-service company Setoo, today announced it will work with Omio (formerly GoEuro), the leading European booking platform for travel by train, bus and flight, to deliver new types of insurance products for its customers in the UK.
Setoo will enable Omio to easily create, distribute and test personalised, transparent insurance offerings according to the preferences of individual consumers, with the aim of generating additional ancillary revenue from the sale of more appealing and millennial-friendly products.
Leveraging parametric insurance, Setoo's platform enables automated dispensation of compensation in response to a pre-agreed trigger, such as flight delay, stormy weather or late train. This renders the claims process unnecessary and removes the associated hassle for customers.
Chris Hall, Commercial Director at Omio, said, "We are delighted to partner with Setoo as we look for new and innovative ways to help our customers travel. I'm excited by Setoo's innovative approach and I look forward to what the future holds for our customers."
Omio consumers in the UK will have the option to select bespoke flight delay and cancellation insurance products, ensuring their travel plans are protected and benefiting from claims-free coverage in case something goes wrong.
Noam Shapira, co-founder and co-CEO at Setoo, said "We're thrilled that Omio's customers will enjoy a new insurance experience as a result of Setoo's platform. Omio is revolutionising the travel experience and has recognised the strength of our offering to support its unique approach."
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 Omio, formerly GoEuro
Omio is a travel app and platform that allows customers to find and book trains, buses and flights across Europe. Partnering with over 800 European transport operators, Omio is revolutionising the travel planning experience, providing customers with more choice, transparent pricing and easier booking.
Omio lets travellers search for any location, including cities, towns and villages, showing the best possible transport combinations while eliminating the need to visit multiple websites to plan an entire trip. With Omio, travel planning is simple, flexible and personal.
The travel startup, founded in 2013, changed its name from GoEuro to Omio in early 2019. Omio is headquartered in Berlin with over 300 employees from 45 different countries. The latest funding round totalling $150 million, led by Kinnevik AB, Temasek and Hillhouse, was announced in October 2018.
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.