Invia Flights Germany has selected the personalised insurance platform of UK insurtech company Setoo—which promises to do away with the claims process.
Through the Setoo personalised insurance platform, the online flight booking service will provide customers with one-click underwriting policies that are triggered automatically, dispensing immediate compensation and eliminating the need for filing claims.
The platform also allows online businesses to create insurance products—covered by companies such as AXA—without having to understand certain insurance regulatory requirements, as well as the General Data Protection Regulation.
To enable online businesses to provide accurate pricing of personalised insurance products, Setoo connects with external data sources and applies advanced machine learning algorithms, which learn the history of events and enable pricing per specific risk, in real time.
“At Invia Flights Germany we pride ourselves in offering our customers perfectly tailored solutions,” said Balint Gyemant, CEO at Invia Flights Germany. “Setoo’s parametric-based platform facilitates our approach, enabling us to serve our customers’ needs even better.”
“We have implemented Setoo’s platform and began offering protections such as flight delay and cancellation. With numerous options to build and test additional new products, we provide more intelligent products within the customer journey. I’m confident we’ll enjoy enhanced brand loyalty and therefore see increased conversions.”
Noam Shapira, Co-CEO at Setoo, said: “We are proud to be chosen by Invia Flights Germany and are excited to collaborate on delivering insurance and protection products that are relevant and loved by today’s consumers.”
“Invia’s innovative and customer-centric approach is impressive, and their customers will be first to benefit from worry and hassle-free insurance products, which cover risks related to exogenous events that could ruin their customer journey.”