Anorak: Smart Life Insurance adviser
London-based Anorak is on a mission to building the world’s smartest insurance companion. A new model for buying life insurance that enables everyone to make the right choice, not just the cheapest. A smart independent insurance adviser founded on trust and transparency. To put people back in control. To do this, they use data science and machine learning to power a service that gives people access to tailored advice about their life and their risks.
Anorak is meant to be integrated by partners like banks, insurance companies, brokers and price comparison websites. Anorak is an easy way for them to offer personalized, regulated life insurance advice (and route to purchase) to their customers. Anorak’s smart data service uses open banking (bank transaction data) to analyse user’s risks and coverage need and transform bank data into protection advice. Anorak’s API can be integrated with any app or website. (PFM apps, banks, price comparison site, mortgage broker, challenger banks, etc.).
The London-based startup has raised £4 million in seed funding from Kamet Ventures, the €100 million-backed incubator set up by insurance giant AXA. Anorak will use the new capital to invest in the platform, including taking advantage of Open Banking, and for business development, such as forging partnerships with banks, wealth managers, and online brokers.
Anorak is located in London and targets the UK as their primary market.
How it works
The most important goal for Anorak is to best match the needed protection with the right insurance policy. They use data science and machine learning to help the user find the life insurance policy most suited. So, they gather the necessary data: about family, home, income and finances. Then, having scanned policy documents from all the major insurers, and analyzed hundreds of pages of small print, they find the best policy to suit the circumstances. Anorak is independent so there’s never any pressure to buy: the customer applies when he is ready.
But Anorak is also trying to crack the sales and distribution funnel, noting that most people in the U.K. don’t take out a life insurance policy or have sufficient cover. To do this, the startup is making a partnership and API play so that its digital insurance brokerage can plug into other products, such as online banking and e-commerce, to offer up the right product at the right time. This might coincide with a significant life event, such as buying a house or starting a family.
Why we selected Anorak for DIA Amsterdam
Anorak is a one-of-a-kind, bringing a unique innovation to the slow-moving life insurance sector. Anorak digitized the entire journey, by using data science and software engineering including policy rating and matching, ‘translating’ insurance jargon into plain English, empowering people to make the right choices about their life insurance. They see themselves as a smart data company that delivers independent insurance advice, founded on trust and transparency.
Who is Anorak?
Created in London in November 2016 by Vincent Durnez, CTO and David Vanek, CEO. They went live in December 2017 with a beta version of their service available on www.anorak.life. They have gathered a team of 14 people: insurance specialists and data experts, design heavyweights and tech geeks.
Vincent is the tech mind, an insurance insider and a tech pioneer in the insurance space. He has built complex and highly scalable software and solutions in the insurance sector long before those type of companies were called insurtech startup (Prima Solutions). He was CIO at AXA and AXA Direct arm.
David is an insurance outsider with a business mind and a background in building and growing companies. He has been a tech entrepreneur since he left investment banking. He joined Made.com which he joined in the very early days and built Made.com outside the UK as CFO of the group.
The startup has raised £4 million in seed funding from Kamet Ventures, the €100 million-backed incubator set up by insurance giant AXA. Anorak says it will use the new capital to invest in the platform, including taking advantage of Open Banking, and for business development, such as forging partnerships with banks, wealth managers, and online brokers.
David Vanek, Co-founder & CEO (left) & Vincent Durnez, Co-founder & CTO (right) Anorak
“Current distribution channels have failed to make life insurance accessible. We are remodeling the entire experience so it’s easy for people to make the right decision and protect their family”. David Vanek, CO-founder & CEO Anorak