Company: Anorak Technologies
Founder(s): David Vanek and Vincent Durnez
Description: Anorak offers a platform that uses data science and machine learning to find the life insurance policy suited to the user.
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.
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.
In an interview with Finextra, David Vanek, co-founder and CEO at Anorak said: “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.”
In November 2018, the company announced a Series A round of £5 million from Kamet Ventures, taking its total investment up to £9 million.