Sherpa allows people to cover their personal risks with one account.
Chris Kaye, formerly a Partner with Boston Consulting Group in Asia, says that Sherpa is “reinventing” the insurance proposition such that it is no longer structured in the “dysfunctional product boxes defined by history”. This will simplify and personalise the experience for consumers.
The proposition is based on Chris’s own experience: when he relocated from Hong Kong to Europe he says it took him 20-25 hours to “reconstruct” a personal insurance package similar to the one BCG gave him. Sherpa is therefore starting with employee benefits for the non-employed and is targeting people at similar lifestages to Chris: those who have relocated, become independent consultants, etc.
Customers have to do two things to get a policy. First, they have to provide the site with personal data (like any other broker), and second they upload existing policies (like the insurance concierge model – see our Liimex Bitesize or Brolly for other examples). The site then proposes a customised package on a non-advised basis. Sherpa takes a fixed fee (not commission) from customers based on the number of risks that they manage for you.
Sherpa is due to launch an initial risk guidance tool and the Risk Protection ScoreTM in the next few weeks and the full end-to-end insurance account later this year in the UK. Gen Re is collaborating on the underwriting and risk transfer.
George oversees projects across strategic, operational and technology topics and spends most of his time working with specialty and reinsurance clients.George joined Oxbow Partners as a consultant following completion of his first-class degree in Economics and Philosophy. On his journey to principal, he has worked on many of Oxbow Partners’ most challenging and high-profile projects. These projects include developing a group-wide strategy for a global reinsurer, completing an end-to-end target operating model review for a leading (re)insurer and developing smart follow strategies for multiple syndicates.You can find George’s writing on his areas of focus on the Oxbow Partners blog, as well as in the trade press.