Meet Phil Terrill | Founder & CEO

We had the good fortune of connecting with Phil Terrill and we’ve shared our conversation below.

Hi Phil, we’d love to hear more about how you thought about starting your own business?
SoleSafe, an asset management platform for sneakers, was actually started on accident. I was focused on insuring my wife’s then engagement ring and happen to ask my agent about insurance for my sneaker collection. When her response resulted in a sub-standard coverage option, I went on a mission to learn about what solutions were available in the market. I figured if we could get specialized coverage, or a rider, for jewelry or collectibles then sneakers should have something tailored just for this community.

After not finding anything in the market, I decided to build it. SoleSafe will offer sneaker-specific coverages that enable a collector the ability to rock their kicks or store them. Either way, we will have them covered.

What should our readers know about your business?
SoleSafe is an asset management platform built for sneakerheads, by sneakerheads. We offer a community-based experience enabling people to connect on their passion for kicks while being able to manage their collection. We layered in sneaker valuation tools and will offer each user the ability to insure any sneaker inventoried on the platform.

Our team has been extremely thoughtful about the sneaker insurance product. This thoughtfulness is what makes our insurance product very different. We assess risk at the sneaker level to better understand size, condition, wear frequency, intent, protective safeguards (i.e. sneaker containers, shrink wrap, etc.), and more to ensure each sneaker is properly assessed for risk via our underwriting process.

Today, the market offers collectibles insurance coverage and tries to apply it to sneakers. There is nothing unique in many offerings today leaving our product in space to still be “first to market” with our insurance offering. We are exciting about the coverages that hopefully reflect the community while adding actual coverage that people will want to pay for and use in the event of an unforeseen cause of loss in the future.

Building a new product in a highly regulated industry like insurance comes with challenges but opportunities to really explore how to create something “innovative” in a typically slow-moving space. An example of this is licensing. As a founder, I wanted to ensure I “walked it” just as much as talking about the product. I made a decision to get licensed and the company which puts us in an advantageous position for future growth to serve as not only an insurance agent, but the broker and underwriting of our own product. Something that I felt strongly about related to the customer experience. We wanted to sell, assess the risk, and build an ongoing relationship with users. Not outsource this to someone else behind the scenes.

The bet is these investments will create a really thoughtful, seamless user experience every step of the way with SoleSafe.

Let’s say your best friend was visiting the area and you wanted to show them the best time ever. Where would you take them? Give us a little itinerary – say it was a week long trip, where would you eat, drink, visit, hang out, etc.
While I may not live in Miami, I do have a spot that would be my go-to in the city. I love a really good vibe and typically have found that when visiting at Nobu and Eden Roc. The ambiance is great, you’re right on the ocean, and every view is beautiful.

I’m always open to recommendations, but that’s what I am looking to get in to when in the city.

Shoutout is all about shouting out others who you feel deserve additional recognition and exposure. Who would you like to shoutout?
My wife, family, close friends, and current team members at SoleSafe. Each of them has played a tremendous role in the continued success and growth of the company.

Nothing happens by yourself, so you need a solid tribe that is always willing to be “ten toes down” with you especially as an entrepreneur pursuing a crazy, audacious goa like bringing to market sneaker insurance.

Website: www.solesafe.co

Instagram: www.instagram.com/solesafeco