Sherpa and the Brain
Sherpa has made a move. The insurance intermediary established in 2016 by Chris Kaye, Greg McCafferty, and Lachlan Gillies with $2.3M in funding, has a new look. As part of the FCA’s regulatory sandbox, the startup will begin offering the Sherpa Smart Life Cover come June.
Users will be able to select from 3 products: Sherpa Smart Life Lump Sum – provides a fixed amount of Life Cover and doesn’t change, Sherpa Smart Life Mortgage Repayment – provides an amount of coverage that decreases each month, and Sherpa Smart Life Family Protect – provides a lump sum to contribute towards monthly expenses for the remaining term of the policy. Coverage is underwritten by Gen Re.
Get a feel for its flow below:
The information provided by the user is taken into the Sherpa ‘Brain’. The ‘Brain’ uses this data combined with external validated data (like official statistics and actuarial tables) to provide an overall assessment of one’s risks across a number of categories. e.g. Life, Health, Motor, Home. In turn, Sherpa will provide the user with a global ‘Protection Score’ and also a score for each category. The score (out of 100) indicates the extent to which a user might be impacted financially in the event of a risk occurring.
Last, there’s a mention of an Amazon Gift Card that will be sent to users by email 95 days after they’ve purchased a policy through Sherpa’s partner LifeSearch (Sherpa redirects users to LifeSearch when users require more/different coverage than Sherpa can provide).
And now, we wait.