David Vanek, co-founder and CEO at Anorak
The ‘smart insurance company’ has secured £4m from a funding round led by Kamet Ventures, a €100m incubator funded by AXA.
Anorak Technologies Ltd is a smart data company on a mission to build the ‘world’s smartest independent insurance adviser.’
Through advanced data science and machine learning, Anorak is making life insurance more accessible to the 8.5 million families in the UK currently unprotected if the worst happens.
From lack of customer awareness and trust, to inefficient paper-based processes and endless sales calls, life insurance is an industry stuck in the dark ages.
On top of that, nobody likes to think about dying. So, when it comes to death-related decisions like taking out life insurance, millions of Brits are turning a blind eye.
In fact, more than 50% of people in the UK have only up to three months salary in savings, meaning families are left with very little financial safety net if the breadwinner dies or becomes too ill to work.
Through advanced data science and machine learning, Anorak gives people access to the knowledge and advice of a broker, without having to see one.
After collecting data about a person’s family, home, income and finances, the service analyses how much cover they need, for how long and why.
Then, having scanned and rated policy documents from all the major insurers, and analysed hundreds of pages of smallprint, Anorak finds the best policy to suit the person’s unique circumstances.
David Vanek, co-founder and CEO at Anorak, said: “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.
“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, added: “Anorak is 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.”