Insurtech Sherpa ‘first to use AI to insure self-employed’
Sherpa, a UK insurtech startup, said it is the “first to use AI” to offer a fully digital, personalised insurance for the self-employed, a fast growing demographic.
The startup said that on average, entrepreneurs, freelancers, and contractors have seven different insurance policies or more. This group consequently spends a lot of time requesting quotes and managing renewals.
Sherpa said it aims “to make insurance simpler, accessible and more affordable for them”.
It uses an AI algorithm to assess an individual's risk, lifestyle, requirements. Then, using a universal risk score, it provides a tailored recommendation with zero commission. It said it charges a flat fee, while the process takes about seven minutes to complete.
Currently, Sherpa offers four different types of insurance concerned with life and critical illness but coverage will be extended to all personal risks in time.They recently set out their stall on the global pitch stage at SXSW in the US.
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