Disruptive insurance startup and innovation consultancy share vision…
Leading innovation consultancy Fearlessly Frank, has today announced it will be taking an equity share of disruptive insurance startup Sherpa. The announcement of this new strategic partnership comes after 12 months of stealth work between the two companies, and solidifies Sherpa‘s objective to shake up the dinosaur $4 trillion insurance industry in 2017.
Sherpa will be the first UK insurance startup that will focus on no commission and value not price, as well as benefitting customers by allowing them access to data. The new business venture is operating in all insurance sectors, including home, health, life, travel, car, devices and pets, to provide a truly connected, worry-free solution to life risks. Fearlessly Frank’s investment in the business will include shaping the startup and its go-to-market launch strategy.
Sherpa’s ambition to reinvent insurance from the ground up grew out of frustrations in the failures and inefficiency of digital insurance businesses in the 21st century. The Sherpa revolution is driven by a team of serial entrepreneurs, insurance industry veterans, tech geeks, mathematicians, data wizards and marketing gurus.
The 2016 Edelman Trust Barometer shows that Financial Services is the least trusted industry and, within that, Insurance is the second-least trusted sub-sector (after Financial Advisory/Asset Management). This research demonstrates a gap in the market that Sherpa want to address, along with the fact that the insurance industry has been slow to provide a transparent and personalised service to customers, despite the rise in popularity of connected products. This truly smart insurance business is set to launch to UK consumers in the summer of 2017, with aspirations to grow a global community of partners and consumers.
Speaking on the appointment, Chris Kaye CEO said, “Innovation may have been a watchword in 2016, but Fearlessly Frank has worked in the innovation business for over a decade. We love their outside-the-box creative thinking and feel that’s what will elevate the launch of Sherpa as a major disruptive player in what has been a traditionally dull category. We have spent a year unframing and unpicking the industry and are now ready to launch a new type of insurance with consumer, technology and data in mind.”
Ben Little, Co-founder of Fearlessly Frank adds, “As part of our business innovation model it is always fantastic to be given the opportunity of taking equity in an interesting company that’s just starting out. With Sherpa, we have created a shared vision for the future of insurance that we are excited about taking to market. We truly believe in the Sherpa proposition and are thrilled not only to be appointed as the innovation consultancy taking them to market, but also to take an invested role in that journey with them.”
Fearlessly Frank will continue to work on strategic and creative brand planning to execute the shared vision for the future of insurance.
Check out Sherpa here