Ground breaking move challenges traditional insurance model
Innovative new insurtech, Sherpa, which looks to change the way traditional insurance is packaged and delivered, has today announced it will be collaborating with reinsurer Gen Re and its insurance partners to provide innovative, customer-driven insurance cover.
Whereas traditional insurance companies insure risk on a product by product basis with separate underwriting processes and policies, Sherpa looks at the individual consumer holistically with a single underwriting process and single account. This new business model shakes-up the archaic $4 trillion insurance industry by cutting out multiple middle-men, saving customers time and money.
Using artificial intelligence and personal data to educate consumers on the risks that matter most and then building the right cover to fit their unique needs, Sherpa’s no-commission model delivers a product based around the needs of people, not insurance companies.
Said Chris Kaye, CEO of Sherpa: “We ran a rigorous process to find the right reinsurer with the support of broker Guy Carpenter. Gen Re is flexible, responsive and shares our long-term vision for changing the traditional insurance model - exactly what we were looking for – so the choice was easy and clear.”
Jules Constantinou, Regional Manager, UK and Ireland, Life and Health business said: “Working with an insurtech disruptor like Sherpa allows Gen Re to be agile and fast-paced in the traditional world of insurance which demonstrates our commitment to innovation. We believe this will benefit consumers, and ultimately our industry.”
The Sherpa revolution is driven by a team of serial entrepreneurs, insurance industry veterans, tech geeks, mathematicians, data wizards and marketing gurus. The new business venture will operate in all insurance sectors, including home, health, life, travel, car, devices and pets, to provide a truly connected, worry-free solution for all your life’s risks.
This truly smart insurance business is set to launch to UK consumers in Q4 2017, with aspirations to grow a global community of partners and members.