I am not an insurance person.
Winter of 2016, I was on the hunt for the next big project, travelling to Europe’s top startup hubs and being exposed to some very interesting concepts. However, I wanted something that was different in terms of its human impact where the problem was so real, it just had to be solved. And that is when I met Chris.
Over coffee, we spoke about the problem in insurance, with Chris breaking it down in a way that for the first time, made it comprehensible. I was not in the insurance industry and always thought it was that necessary evil type product. And when I saw insurance startups, I always found them to be simply the digitisation of the same problem, hardly solving it.
“The problem with insurance is the insurance product itself”. And “We need to insure people not buckets of risks they call products.” The conversation sparked curiosity and I started researching both the products on the market as well as customer reactions to them.
It was clear that the problem was real. Insurance products suffer from feature soup, with risks (think of them as features) being thrown in to the mix making it seem more valuable. The more features an insurance product has, the more complex it becomes, with the value added not necessarily needed. The result is the customer buying something they don’t understand, paying for features they may not need, resulting in the most painful experience possible. What about the post purchase experience? Well, if customer’s don’t know what they are being sold, the post purchase experience is bound to be terrible.
What Sherpa has set out to do is to transform the industry by creating protection a customer needs, supporting the customer throughout the process, and constantly being on the customers’ side. Sherpa is about moving from feature soup to giving customers only the protection they need; from an unfair commission based business model relying on hard-sales to a flat subscription service, from complexity that only the risk geek understands to democratised versions of protection.
The future of everything is exciting as long as it evolves and insurance will be positively impacted to benefit customers the world over. We have started with one of the most under-served customers in the U.K., the self-employed, and will continue to make Sherpa protection easier, simpler and relevant for more people after that.
I am still not an insurance person, but a person making insurance simple.
[As featured in meetsherpa.com]