Source: Strarling Bank
Starling, the mobile-only bank, and Anorak, the smart life insurance adviser, join forces to offer Starling customers fast and easy access to personalised, transparent, impartial and regulated life insurance advice.
Anorak is on a mission to make life insurance advice accessible to millions of unprotected families across the UK. Anorak’s platform and APIs use advanced data science and machine learning to offer customers tailored advice based on their unique circumstances and their individual risk profile - within minutes.
Through the in-app Marketplace, Starling customers are now able to connect their accounts with Anorak’s service. With the customers’ consent, Anorak analyses their bank transactions to offer advice on how much life cover they need (if any), for how long and why. Based on this, Anorak matches the user with the best policy from the major insurers, to suit the person’s unique circumstances. The service helps people make the right choice, not just the cheapest.
Starling’s Marketplace offers its customers direct access to financial services and products directly through the Starling app. Starling has existing partnerships with pension provider PensionBee, digital investing services Wealthsimple and Wealthify, mortgage broker Habito, travel insurance provider Kasko and receipts and loyalty partners Tail and Flux.
Megan Caywood, Chief Platform Officer, Starling Bank said: “Starling’s Marketplace is designed to give customers ever greater control of their financial lives. Our new partner Anorak does just this - bringing impartial life insurance to our customers within a few minutes. Like Starling, Anorak combines industry experience with great tech to provide a disruptive force for good.”
David Vanek, CEO of Anorak, said: “Partnering with Starling enables Anorak to deliver on its mission to give everyone easy access to regulated life insurance advice and personalised options. By using Starling APIs, we’re harnessing the power of Open Banking to enable consumers to make the right choice and help them protect their families financially.”
An advocate of Open Banking to promote financial independence, Anorak participated in Starling's inaugural Open Banking hackathon in April 2017.