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Life insurance startup Anorak raises £5m

Source: Anorak Technologies

Anorak Technologies Limited, the smart data company on a mission to build the world’s smartest life insurance adviser, today announces it has secured £5m Series A from Kamet Ventures (startup studio backed by AXA), taking the total amount of investment to £9 million.

Investing in Anorak’s proprietary technology

The Series A funds will enable Anorak to invest in its technology and data teams to continue to develop its proprietary technology. The company also plans on leveraging its unique recommendation engine to launch a platform for intermediaries/advisors enabling them to change the experience of selling life insurance and move them into the digital age.

On a mission to bridge the protection gap

In the UK nine million families are financially unprotected if the breadwinner dies. Insurance and financial services sector have not succeed so far to make life insurance accessible, often relying on a traditional, unscalable and fragmented base of intermediaries mostly targeting affluent individuals.

World’s first automated life insurance advice platform

Anorak was founded in 2017 to give everyone easy access to regulated and personalised protection advice. Since launching, Anorak has established its position as the lead disruptor in the life insurance sector. Through advanced data and actuarial science - and leveraging AI - the company has built the world’s first fully automated advice platform.

The Anorak platform and APIs are designed to be integrated by distribution partners. Through the platform, people have access to life insurance advice whilst using everyday services such as challenger banks, money apps, online retailers, mortgage brokers and investment platforms.

Strong commercial traction

Anorak is seeing strong commercial traction and has been the only life insurance service to secure partnerships with well-respected fintech such as Starling Bank and Yolt (ING Bank), leveraging open-banking data to deliver highly personalised life insurance advice.

David Vanek, co-founder and CEO at Anorak comments: “The life insurance sector is on the verge of transformation and Anorak is leading the way. Kamet investment enables us to deliver on our vision. We are committed to using cutting-edge technology to bring life insurance sector into the digital age and make protection advice accessible to the millions unprotected in the UK.”

Guillaume Borie, AXA Chief Innovation Officer: “AXA believes in insurance platform businesses. The Anorak platform is transformational for the life insurance sector as it will enable carriers to create a new breed of distribution partnerships from banking to gig economy platforms whilst also reinventing the experience of existing intermediaries networks.”

Stephane Guinet, CEO of Kamet Ventures, says: “The Anorak team has been first to market with innovative proprietary technology, which really does change the game. In a short space of time, it has secured partnerships with groundbreaking fintech companies, honed the user experience of the product and been recognised as one of the lead innovators in the life insurance space by being shortlisted for numerous awards and named in the top 100 InsurTech startups in EMEA. We’re happy to have backed the team since the beginning and looking forward to a bright future with this company.”  

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