In the UK, 8.5 million breadwinners don’t have life insurance. Insurtech startup Anorak hopes to change this by making access to life insurance quotes and providers as intuitive as tapping in an app.
This means that today, people must go to financial advisors or insurance brokers for insurance, an approach which seems particularly antiquated today in the age of slick, digital-only app-delivered banking services. It can also be exclusive, because it’s mostly affluent people who employ financial advisors.
Into the gap steps Anorak, which offers you personalised life insurance advice and quotes in the most simple way possible. “It’s reinventing the experience,” Vanek says. “It’s giving access to more people to regulated life insurance advice.”
The company launched in 2017 and raised £4 million in seed funding from Kamet Ventures earlier in 2018.
Anorak recently announced that it will become one of the many third party banking or finance related services to be integrated into digital bank, Starling.
The service is built to be integrated wherever possible. “It can be integrated by any big economy platform,” says Vanek. “It can be integrated by large banks, even by price comparing websites to some extent. If they decide that they should bring more customised experience into their journey.”