Jul 15, 2021

Setoo and Pattern merge to lead embedded insurance

2 min
Two US-based insurance innovators, Setoo and Pattern, have announced a merger in order to bring new, tailored insurance products to the market

Officially backed by AXA Group’s insurtech studio Kamet, Setoo utilises the insurance leader’s knowledge, capital, and assets to deliver a transformational insurance experience that’s transparent and simple (its name comes from ‘c’est tout’ - French for ‘that’s all’). 

The company breaks down complex insurance processes into more digestible and customisable micro products suited for individual needs, such as:

  • Lost luggage
  • Adverse weather conditions
  • Supplier insolvency
  • Event cancellation
  • Unforeseen delays

Setoo’s insurance-as-a-service platform then seamlessly incorporates these products into customers’ digital journeys, an example of embedded finance applied to the insurance industry.

Setoo meets Pattern

Meanwhile Pattern, an insurtech hitherto in “stealth mode”, has been providing shoppers with a “one-stop-shop for innovative parametric and traditional insurance products that empower businesses to offer a fully protected digital buying experience for their customers.”

As of now, Setoo and Pattern have joined together to operate under the ‘Pattern’ brand name. The merger will see customers in Europe and the US gain access to end-to-end embedded insurance throughout their digital shopping journey.

Between the two, they have managed to raise US$25mn from backers including Comcast Ventures, FinTLV, TechAviv Founder Partners, and others. The company has also received strong praise from leading figures in the sector, such as Assaf Wand, CEO of Hippo and now also Board Member of Pattern:

“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.” 

Meeting changing insurance needs

Pattern promises to delight customers, boost revenues, and improve conversation rates with a platform that can fit any online business, regardless of whether it’s an insurer or not.

“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 personalised insurance, tightly coupled with the core product, experience or service sold, is key to increasing consumer confidence and transaction volumes.

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Aug 1, 2021

CB Insights: US Insurtechs Are Competing In A Global Market

2 min
Tech market intelligence platform CB Insights highlights that 2021 insurtech funding is less dominated by US firms and more geographically diverse

In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries. 

What Are the Stats? 

Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development? 


Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services. 

Why Does This Matter? 

You’re always going to see the typical insurtech contenders from Western countries. For instance: 



But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries


According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech


Just ask CB Insights. InsurTech value propositions have resonated with the world. 


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