Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

AI Startup Sherpa Raises £1.79M in Seed

Sherpa, a UK-based startup that uses Artificial Intelligence to provide price comparison for insurance products, has raised £1.79 million ($2.3 million) in Seed from InsurTech.VC, alongside several angel investors.

The company leverages the power of AI to build a tailored risk profile for each user, and keep them updated regarding changes in risk and in the cost of insuring themselves against that risk.

Founded in August 2016 by Greg McCafferty, Lachlan Gillies, and Chris Kaye, Sherpa has not yet officially launched —although its website is up, and the company has already struck a deal with reinsurance firm Gen Re.

Sherpa will provide insurance for a vast gamut of sectors: from home, to health, life, pets, cars and devices.

Its basic idea is to maximise customisation: right now, most insurance policies are sold as packages designed to benefit insurance companies instead of the buyers.  On the contrary, as CEO Chris Kaye told TechCrunch, Sherpa aims at “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.”

This approach, allegedly, will even allow Sherpa to do away with insurance commissions.

InsurTech.VC partner Mehrdad Piroozram also commented on the investment: “Sherpa has assembled a fantastic team of industry veterans, tech geeks, mathematicians, data wizards and marketing gurus,” he said. “It’s the best team we have seen in InsurTech.”

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