Sherpa and MyHealthMath Merge to Form HYKE, a Global Insurance Decision Support Powerhouse
PORTLAND, Maine, August 10, 2023 (Newswire.com) - Sherpa and MyHealthMath, two leading insurance decision-support companies, are excited to announce their merger in the form of a powerful new entity, HYKE. This merger combines Sherpa's international Life and P&C insurance engagement platform with MyHealthMath's deep experience in the U.S. health benefits market, creating a groundbreaking global company with expertise in the full lifecycle of consumer insurance purchasing decisions.
Choosing insurance is costly and complicated: medical insurance prices are climbing; there's a dizzying array of other employer-sponsored insurance benefits; and consumers make, on average, five personal insurance purchasing decisions during a year. With HYKE, for the first time, they now have a tool that builds a holistic picture of all of their insurance needs, from medical to voluntary to personal lines of coverage, and provides year-round guidance. HYKE creates a personalized Protection Score—a first-of-its-kind capability that informs individuals how much protection they need based on their unique situation, demographics, and protection gaps. At an enterprise level, the Score dashboard helps employers and consultants provide targeted benefits packages that address individual needs and maximize cost savings.
"We have had a fantastic strategic partnership with MyHealthMath since the beginning of 2022, and our combined platform has already been live in the U.S. market since last fall. The strong positive reaction from employers, brokers, insurance carriers and benefit administration platforms made a full merger an obvious move," said Chris Kaye, former CEO of Sherpa and now CEO of HYKE. He goes on to say, "Whether in the U.S. or with our clients in Asia and the U.K., our shared vision is simple: we want to help people protect what matters most."
Bob Watterson, former CEO of MyHealthMath and now CFO of HYKE, expressed similar enthusiasm, stating, "Between MyHealthMath's seven-plus years as a premier U.S. medical decision-support solution, and Sherpa's global capabilities and proprietary Score-based technology, HYKE brings formidable experience to the market. Together, we are positioned to scale rapidly with a product that leads the way in clarity, cohesiveness, and personal support."
The merger between Sherpa and MyHealthMath was completed on June 1, 2023. Sherpa was advised by Stonybrook Capital, a specialist insurance advisory firm in New York and London. Over the coming months, the teams will continue to merge technologies, refine offerings, and further optimize the user experience. HYKE plans to unveil an enhanced enterprise platform in the near future, bringing a new era of benefits optimization and cost management to individuals and employers.
HYKE is a global insurance decision-support company that provides consumers with help facing complex choices across medical, life and P&C insurance. Leveraging a proprietary Protection Score, HYKE offers a comprehensive suite of personalized solutions that empower individuals and employers to make informed decisions and reduce costs. The core objective of HYKE is to help people better understand their coverage choices and give them the confidence to choose the insurance that best suits their needs. www.letshyke.com