Innovative new insurtech Sherpa has announced that it has raised $2.3 million in funding from angel investors in order to change the way personal insurance is delivered.

“We have completely rethought the way insurance has worked for hundreds of years by doing away with the concept of the insurance product and inventing a new, holistic way of underwriting risk,” said Chris Kaye, CEO and co-founder of Sherpa.

“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.”

Launching in the UK later this year, Sherpa will offer a unique personal insurance account providing its members with unbiased guidance and personalised insurance through a digital, mobile friendly interface.

Before moving to Malta and setting up Sherpa, Chris Kaye spent 15 years advising insurance companies as the partner and managing director of Boston Consulting Group’s Asia Insurance practice – a formative experience which he credits with giving him an unparalleled understanding of the true extent to which insurance is broken, and what can be done to fix it.

Sherpa members will get an unbiased view on what they should be using insurance for, a single underwriting process that treats them like a human being rather than a statistic, and the ability to get covered at the click of a button.

All is powered by the Sherpa ‘brain’, which is an AI platform that builds a personalised risk profile which can be updated in real-time for each of its members, then informing them of changes in risk and the costs of protecting against those risks.

Thanks to a partnership that the company secured early on with reinsurance giant Gen Re, Sherpa have also managed to cut out the commission insurance companies typically take, passing on this saving back to the consumer.

Sherpa’s seed investors share their vision and commitment to changing the face of personal insurance.

“We are really thrilled that so many experienced insurance and tech investors have decided to back Sherpa. These funds will enable us to expand the already incredible team and invest further in the Sherpa ‘brain’ – the proprietary IP that powers Sherpa,” said Mr Kaye.

“Our investment in Sherpa is an embodiment of our belief in amazing people doing audacious things. Sherpa has assembled a fantastic team of industry veterans. – it’s the best team we have seen in InsurTech,” said Mehrdad Piroozram, an entrepreneur and partner at InsurTech.vc, of his investment.

The new business venture will operate across all insurance sectors, including home, health, life, travel, car, devices and pets, to provide an experience that is seamless and transparent across every area of risk.