E-Commerce InsurTech Pioneer Setoo Merges With Pattern Insurance Services, Creating an Embedded Insurance Global Leader

Joint offering aims to empower travel and booking businesses to accelerate revenues by increasing consumer confidence with tailored insurance.

Embedded insurance pioneer, Setoo entered into a merger agreement with Pattern, an insurtech startup that is coming out of stealth mode. The joint company will operate across Europe and the U.S. under the name of Pattern. Pattern will help businesses generate new revenue streams and increase customer satisfaction through tailored insurance products, transforming all of their online transactions into protected experiences without the need to be an insurer.

“Our modern world comes with a growing set of universal risks, and the needs of consumers and businesses have drastically changed in the last several years as online transaction growth continues to accelerate,” said Meitav Harpaz, CEO and Founder of Pattern Insurance Services. “We believe that offering frictionless access to personalized insurance, tightly coupled with the core product, experience or service sold, is key to increasing consumer confidence and transaction volumes.”

Through the merger, Pattern will offer a one-stop-shop for embedded insurance products that empower businesses to offer a fully protected buying experience for their customers with real-time underwriting data for a frictionless buying process. The fully automated, embedded insurance-as-a-service platform empowers businesses to autonomously build and distribute unique and personalized insurance products.

Noam Shapira, who co-founded Setoo with Eyal Gluska, believes now is the perfect time for this merger, saying, “Following the COVID pandemic, global markets were severely altered, and consumer concerns of unprotected risks grew even bigger. Customers who use our platform to offer our innovative protections are seeing accelerated recovery ahead of the rest of the market. We are aligning efforts with Pattern to bring back consumer confidence when making online purchases.  We are excited to accelerate our vertical and geographical expansion.”

“Pattern’s embedded insurance creates endless opportunities for consumers, online businesses and insurers to seamlessly and effortlessly transact in real-time with complete alignment across multiple geographies,” said Assaf Wand, First Board Member of Pattern, insurtech industry veteran and CEO of Hippo. “Pattern has vast potential ahead of them, with a strong team, and innovative technology that is massive. I simply had to hop on board, as the first board member and only board seat I currently hold, to help support, and guide the company on its path to success.

Coverages produced by Pattern include both parametric, traditional insurance products  and service products. These are seamlessly offered by businesses to their customers in full compliance with local regulations. Pattern enables companies to protect their customers from unexpected changes to plans, inclement weather, utility outage or surcharge, shipping delays and more.

Watch Noam’s Phocuswright 2021 Presentation https://youtu.be/-hYjn2LYkaA