The integration of Setoo’s AI-powered embedded insurance solution in the Liknoss platform provides travellers making bookings through travel agents and ferry companies with the option to purchase an insurance product during the actual ticket booking process. All they have to do is select to add an insurance product that provides an automatic refund of the full value of their ticket if their arrival time exceeds 2 hours from the scheduled arrival time. The insurance product will then simply be added to their cart.

Setoo’s fully automatic refund product is part of the company’s range of parametric insurance products, in which coverage is triggered by a predefined index or metric. It will enable Liknoss partners to grow their businesses with another innovative digital service that not only enhances customer experience, but also is embedded seamlessly in the customer journey, without any additional operating costs for ferry ticket sellers. If a ferry delay occurs, Setoo will directly contact travelers via email and SMS, informing them they are eligible for a refund. All that remains in this personalized service is for the traveler to respond on the preferred refund option, eliminating the need to go through the often-cumbersome process of submitting a claim.

Michael Mavropoulos, CEO of Liknoss, noted that “We are delighted to partner with Setoo, their solutions are in line with our goal of building a dynamic platform that is constantly evolving and responding immediately to the new trends and challenges faced by our partners. The advanced technological tools we offer to our partner network substantially enhance their services, by creating new sources of income and allowing them access to the global digital market at a time when the tourism industry needs it more than ever."

“We are extremely proud of this partnership with Liknoss that proves their leadership in innovation in their domain,” states Noam Shapira, Co-founder and Co-CEO of Setoo. “This is another example of how our unique technology can be leveraged to deliver a delightful insurance product – ferry delay insurance, in this case – with a completely automated, personalized and claim-free process that eliminates the hassles involved in insurance claims and enables travel agents and ferry companies to provide an optimal and delightful experience to their customers.”