Anorak, the world’s first fully automated life insurance advice platform, has raised £5million on its journey to become the most innovative life insurance technology company in Europe.
The round was led by Outward VC, with Triple Point Ventures and existing investor Kamet Ventures also participating. The round was backed by a list of the leading angel investors in European insurtech including Nic Kohler, the former CEO of Hollard, Paul Evans, Chairman of Allianz PLC, and board member of Bupa and SwissRE Europe, Charlie Delingpole (CEO and founder of ComplyAdvantage), and Will Neale (Founder of Fonix and Grabyo).
The fundraise will be used to accelerate the expansion of Anorak’s distribution and partners network, while continuing to invest in its unique fully automated advice platform. Anorak is currently the only platform to provide a seamless omnichannel experience while allowing users to connect to expert advisers if they wish.
Founded in 2017 together with venture builder Kamet Ventures, Anorak is on a mission to build the world’s smartest life insurance companion. CEO David Vanek, former MADE.com group CFO and Vincent Durnez, former CIO at AXA Direct and CTO of Prima Solutions and Fluo, realised that while life insurance was integral to everyone’s lives, it was far too complex for most to understand, and therefore, acquire.
They created Anorak to make life insurance and expert financial advice accessible to everyone. Statistics speak for themselves - 53% of people still have no protection in the UK and 54% don’t understand how to fully protect themselves, or how much they should spend. The Anorak platform helps people to understand their financial liabilities, providing them with online tailored advice and making sure they get the right cover in place.
“Our mission is to help millions protect their financial future. We are passionate about advice, and we believe that everyone should have access to it. We can ensure that each person gets the protection that is right for them.” David Vanek, CEO and co-founder of Anorak said, “The last 12 months has left many of us in a state of financial uncertainty, and many are actively searching for fair and transparent advice on insurance. Our platform provides exactly that and we are looking forward to continuing to work with our partners to bring this education to the masses.”
Sanchit Dhote, Investment Manager at Outward VC, commented: “The Anorak team have developed an innovative approach which is transforming the way in which we access life insurance. The protection gap is only getting wider and Anorak is already a leading player enabling the shift towards embedded insurance. We believe that Anorak has the potential to become the go-to infrastructure for everyday insurance advice.”
Stephane Guinet, CEO of Kamet Ventures, said, “I am delighted to see Anorak reach yet another important milestone as they continue to help people access the protection they need to keep themselves and their families secure. Since we began working with them in 2017, David and Vincent have demonstrated the passion, drive, and ingenuity that I believe are integral components of any disruptive business and I can’t wait to see where they go next.”
The award-winning technology can be integrated into existing software so that people can access life insurance options while using everyday services such as digital banks, online mortgage brokers, investment platforms, digital money management service and challenger banks.
Delivering life insurance advice to users from Starling Bank, Snoop, Clearscore, Canopy, Billbuddy, Vivup and OpenMoney, Anorak will be focusing on developing its partner network, working with distribution platforms and brands that are not traditionally selling insurance products.