Setoo

About Setoo

Setoo, founded in 2017 by Noam Shapira and Eyal Gluska, initiated its journey as a Tel Aviv-based startup with the goal of transforming the insurance landscape. Noam Shapira, a serial entrepreneur with extensive experience in market and product strategy, and Eyal Gluska, provided the foundational vision for the company. The firm operated as an insurance-as-a-service platform, enabling e-businesses to create and offer personalized insurance products seamlessly within their customer journey. Backed by Kamet Ventures and AXA, Setoo focused on breaking down complex insurance processes into targeted, micro-protection products covering events like flight delays, adverse weather, or lost luggage.

In July 2021, Setoo announced its merger with Pattern Insurance Services, a US-based insurtech startup founded by Meitav Harpaz that was operating in stealth mode. This strategic union created a global leader in embedded insurance, operating under the Pattern brand across Europe and the U.S. The combined entity leverages the strengths of both companies to offer a comprehensive platform for online businesses in the travel, events, and recreation sectors. Following the merger, the company secured a total of $25 million in funding from investors including Comcast Ventures, MS&AD Ventures, and Foundation Capital. In May 2025, the technology platform and core team of Pattern were acquired by PassportCard, a global leader in travel and health insurance innovation, to enhance its embedded insurance capabilities.

Pattern operates as a Managing General Agent (MGA), providing a SaaS platform that allows online businesses to design and distribute protection products without needing to be an insurer themselves. The company's revenue model is commission-based, generating income from a per-policy distribution margin. The platform utilizes AI, machine learning, and APIs to offer real-time pricing, risk assessment, and automated, claims-free compensation for parametric products. This enables their clients, such as online travel agencies and e-commerce sites, to embed tailored insurance offers directly into their booking or purchasing process. These protections address risks like trip cancellations, shipping delays, and weather incidents, aiming to boost consumer confidence and generate ancillary revenue for their partners.