InsurTech startup Anorak has received £4m in a bid to make life insurance more accessible to UK consumers.
The London-based company raised from Kamet Ventures, a €100m incubator funded by French insurance giant AXA.
Anorak leverages data science and machine learning. The startup is able to collect data about a person’s family, home, income and finances before assessing the required type of cover.
Its technology then scans and rates policy documents from most major insurers before delivering, it claims, bespoke advice in minutes.
Co-founder and CEO David Vanek spoke about the need to disrupt the insurance industry.
“Current distribution channels have failed to make life insurance accessible. We are remodelling the entire experience so it’s easy to make the right decision.
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“Using data science and software engineering, we have digitised the entire journey, including policy rating and matching, ‘translating’ insurance jargon into plain English, to empower people to make the right choices about their life insurance. We see ourselves as a smart data company that delivers independent insurance advice, founded on trust and transparency.”
Stephane Guinet, founder of Kamet Ventures, said Anorak was “one-of-a-kind, bringing unique innovation to the slow-moving life insurance sector”.
“By bringing together an experienced team of data scientists, software engineers, actuaries, designers and writers, Anorak has managed to develop a breakthrough solution.
“Its partnerships with Kamet Ventures has given the company access to industry expertise and data, bringing a competitive advantage,” concluded the investor.
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