Starling, Anorak Merge Insurtech with Mobile Only Banking

Starling, Anorak Merge Insurtech with Mobile Only Banking


Starling Bank, the U.K.’s first mobile-only bank, is innovating in another way this week. The challenger bank is teaming up with Anorak to bring personalized, transparent, compliant life insurance advice to its customers. Accessible via Starling’s in-app marketplace, customers will be able to link their accounts to Anorak’s technology, which analyzes the customer’s banking transactions to provide specialized advice on what kind of life insurance would be the best fit for them and why.

“Partnering with Starling enables Anorak to deliver on its mission to give everyone easy access to regulated life insurance advice and personalized options,” Anorak CEO David Vanek said. “By using Starling APIs, we’re harnessing the power of Open Banking to enable consumers to make the right choice and help them protect their families financially.”

Anorak’s technology scans major insurers including AIG, Legal & General, Zurich, Scottish Widows, and Royal London and gives consumers the best, personalized insurance options based on their family and finances – including customer-permissioned analysis of banking transactions. Anorak joins fellow Finovate alum Wealthify in Starling’s marketplace, along with firms such as robo advisor Wealthsimple, mortgage broker Habito, and pension provider, PensionBee.

“Starling’s Marketplace is designed to give customers ever greater control of their financial lives,” Megan Caywood, chief platform officer at Starling Bank said. “Our new partner Anorak does just this – bringing impartial life insurance to our customers within a few minutes. Like Starling, Anorak combines industry experience with great tech to provide a disruptive force for good.”

Founded in 2016, Anorak made its Finovate debut earlier this year at FinovateEurope. The company’s technology leverages advanced data science and machine learning to match consumers with the most appropriate, personalized, compliant policy from a major insurer. Anorak’s API integrates readily with apps and websites, enabling PFM solutions, banks, insurance comparison sites, and brokerages to use its smart data service to provide a better and more transparent insurance-buying experience for customers.

Anorak began the year with its first major fundraising, a seed round investment of more than $5 million (£4 million) from France’s Kamet Ventures.

Finovate Alumni News

On Finovate.com

  • Starling, Anorak Merge Insurtech with Mobile-Only Banking.

Around the web

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Token.io announced using public bank APIs to conduct end-to-end payments for U.K. banking group, CMA9, the first PISP to do so.
  • Housing Wire profiles Mortgage Cadence‘s LOS, Borrower Center.
  • Thomson Reuters launches new targeted reporting solution, RTS 27, for newly-registered MiFID II Systematic Internalisers.
  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Tinkoff Bank enables movie ticket booking on the iOS version of its mobile app.
  • NCR releases managed services bundle for Community Financial Institutions (CFIs) to NCR channel partners.
  • WePay appoints Jennifer Parker as Chief Revenue Officer.
  • Neustar and Thunder join forces to deliver better customer experiences.
  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Anorak

FinovateEurope Sneak Peek: Anorak

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Anorak is a smart life insurance adviser. It offers an easy way to offer personalised, regulated life insurance advice to customers digitally and was designed to be integrated by banks, mortgage brokers, and fintechs.

Features

  • Uses open banking and bank transaction data to run fact-finding
  • Offers automated policies that scan and match to find the best coverage, not just the cheapest
  • Has easy-to-integrate APIs that provide advice, quotes, and fulfillment

Why it’s great
Open banking enables Anorak to be an insurance companion. Always on. Delivering the right advice at the right moment when life triggers an event.

Presenter

David Vanek, CEO & Co-founder
Vanek is a former investment banker and serial tech entrepreneur. Prior to co-founding Anorak, he held C-Level positions at Made.com, the leading ecommerce platform.
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