UK Insurtech Startup “Sherpa” to Deliver Biggest Change in Personal Insurance in Over 100 Years
Insurtech is picking up speed in the UK; Accenture says more than 250 million dollars has been invested in the UK insurtech scene just in 2017.
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Innovative new insurtech, Sherpa, announces that it has raised $2.3 million in funding from angel investors in order to change the way personal insurance is delivered.
“We have completely re-thought the way insurance has worked for hundreds of years,” says Chris Kaye, CEO and cofounder of Sherpa.
“Doing away with the concept of the insurance ‘product’ and inventing a new, holistic way of underwriting risk. To traditional insurers, you are just the sum of your policies. At Sherpa, we treat each of our members as a unique person whose risks change all the time.”
Launching in the UK later this year, Sherpa will offer a unique personal insurance account providing its members with unbiased guidance and personalised insurance through a digital, mobile friendly interface.
One account covering a multitude of risks
Sherpa’s seed investors share their vision and commitment to changing the face of personal insurance.
“We are really thrilled that so many experienced insurance and tech investors have decided to back Sherpa. These funds will enable us to expand the already incredible team and invest further in the Sherpa ‘brain’ – the proprietary IP that powers Sherpa,” says Kaye.
“Our investment in Sherpa is an embodiment of our belief in amazing people doing audacious things. Sherpa has assembled a fantastic team of industry veterans. – it’s the best team we have seen in InsurTech,” said Mehrdad Piroozram, an entrepreneur and partner at InsurTech.vc, of his investment.
Sherpa is building an interface that offers a single personalised insurance account for the modern connected consumer. One account covering all your personal risks coupled with a simple solution for personal risk management that due to its unique subscription model is unequivocally on the consumers’ side.
Business Insider quotes Accenture as describing London as the "undisputed centre for European insurtech investment with 30 percent of all deals in the continent taking place in the city." London is home to global insurance market leader Lloyd's and has long been considered an international hub for insurance. Berlin and Paris are the next biggest hubs for InsurTech investment according to Accenture as reported by the same media outlet.
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