Anorak

Stand: 63

http://www.anorak.life/

Anorak is a next generation protection advice service. Our technology platform gives everyone easy access to impartial, transparent, FCA-regulated life insurance advice. It’s integrated by partners so that people can access this advice while using everyday products and services – like Building Societies, banks, mortgage services, price comparison websites, e-commerce websites, and so on. A typical user journey goes something like this:

Meet Lynda. She’s 35. She has a partner, two children, and a mortgage. One day, she’s offered a free online insurance checkup through her banking app. She answers a few quick questions about her family, her finances, and her existing protection. These questions are tailored based on what the banking partner already knows about Lynda through data.

In the background, Anorak is running a complex cash-flow forecast model and risk exposure computation. After the checkup, Anorak delivers both the ‘diagnosis’ (what’s at risk for Lynda) and the ‘prescription’ (what protection Lynda needs). It computes this for two scenarios: in case Lynda dies; or in case Lynda becomes too ill to work.

Anorak then tells Lynda how much cover she needs, why, and for how long. Finally, Anorak scans the major insurers to recommend the three best-matching policies suited to Lynda’s needs – not just the cheapest.

All of this happens in minutes.

What we’ve built is the world’s first automated life insurance advice platform. Our suite of APIs is built on proprietary algorithms and predictive machine learning models that couple data and actuarial science – all of which results in a unique insurance recommendation with infinite reach.

Anorak was co-founded in 2017 by David Vanek, former MADE.com group CFO and Vincent Durnez, former CIO at AXA Direct and CTO of Prima Solutions and Fluo. The company is on a mission to build the world’s smartest life insurance companion and has received £9 million in funding to date from Kamet Ventures and is headquartered in London, UK.