Press release

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

Sponsored by Businesswire

Embedded insurance pioneer, Setoo today announced it is entering 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. Coverages produced by Pattern include both parametric and traditional insurance products, and are seamlessly offered by businesses to their customers in full compliance with local regulations. Pattern allows companies to protect shoppers from unexpected changes to plans, inclement weather, utility outage or surcharge, shipping delays and more.

Noam Shapira, who co-founded and is also the Co-CEO of Setoo together 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. Our customers who use the platform to offer our innovative protections are already 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 and 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.”

Since inception, the two companies have jointly raised $25 million in funding, including a recent seed round of $10 million for Pattern. The joint company is backed by Kamet Ventures, the venture builder where Setoo was incubated, Comcast Ventures, MS&AD Ventures, Foundation Capital, FinTLV, TechAviv Founder Partners, Kli Capital, Abstract Ventures, and others.

“Buying insurance today can be complicated and cumbersome. We invested in Pattern because of their vision to not only protect consumers in their purchases, but to do so with an insurance offering that is seamlessly integrated into the customer journey and transforms the purchase experience,” says Sheena Jindal, Principal, Comcast Ventures. “With this merger, Pattern’s team is accelerating the deployment of their embedded solution by exploring new geographies and products, bringing insurance a few steps closer to the needs of today’s consumer around the world.”

The merger is expected to close near the end of August. Following the merger, the insurance backing of Pattern will be from AXA, Spinnaker Insurance Company, Wakam and others.

About Setoo

Setoo empowers e-businesses to build and distribute personalized protection products, increasing revenue from ancillary services and delivering exceptional customer experience. With Setoo’s platform, e-businesses can create new, super-targeted parametric and traditional insurance products within minutes, addressing actual concerns, and generating automatic compensation without the need for consumers to take any action. Setoo operates as an insurance Managing General Agent (MGA) in the EU and the UK, and serves high-profile customers such as Amadeus and LMN. To learn more, visit

About Pattern

Pattern is 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. Coverages developed by Pattern include utility outages, weather incidents and much more. Pattern is in the process of finalizing operation deployment as a US MGA. To learn more, visit