Money management app Plum has partnered with Anorak, an online broker for life insurance, income protection and critical illness cover, to support savvy savers on their financial journey for the long-run.
Over the pandemic, younger earners experienced a 40% increase in financial vulnerability, leading to 60% of Plum’s customers wanting to save more when lockdown is fully over. Anorak experienced a similar rise in interest from customers, with 47% citing the pandemic as the sole reason for getting life insurance.
Plum’s smart money management app will be bolstered by Anorak’s platform, which helps users discover the kind of life insurance, income protection or critical illness cover they need to plan for a financially secure future.
These platforms will work together to help users identify and reach their financial goals, and ensure the future of their finances are comprehensively covered no matter the circumstances thrown at us next. In addition to being able to access Anorak’s range of products on-demand via the app, Plum will also notify customers when it detects that they are already making life insurance payments, giving them the option to check if they could find a better deal via Anorak.
David Vanek, CEO and co-founder of Anorak commented: “We’re thrilled to be working with Plum to help bring critical financial services to an increasingly widening range of people.
This partnership comes as we’ve seen a jump in the numbers of millennials coming to us who are curious about life insurance, income protection and critical illness cover, as younger earners wise up to the benefits of having protection policies in place.
We’re excited to be growing and developing alongside such a unique and valuable service, as people look for easier, more transparent ways to save money and map out their financial futures.”
Charlie Bailey, head of partnerships at Plum commented: “Anorak has a great mission around making life insurance and cover simple, convenient and user-friendly. This makes Anorak a natural partner for us as we expand our bills offering to give customers better options for protecting their finances in-app.
Our next step will be to add helpful prompts for customers so that they are well-informed about their financial choices throughout their lives. Many people take out life insurance when they buy a home or start a family, for example. Plum and Anorak will be there for them during these milestones, offering easy access to the financial products they need in a smart, accessible way.”