London’s fully automated life insurance advice platform Anorak has raised £5 million in a funding round led by Outward VC. Triple Point Ventures and existing investor Kamet Ventures also participated in the raise, as did a number of Angel Investors including Nic Kohler, Paul Evans, Charlie Delingpole, and Will Neale. The fresh funding is expected to accelerate Anorak’s distribution and partner networks as well as continue development of its offering.
Founded in 2017 by David Vanek and Vincent Durnez, Anorak fills a unique gap. The duo correctly assumed that most consumers do not have life insurance because the jargon and legalese around the product is far too complex to understand and therefore acquire. The Anorak solution is to integrate with existing software so that people like you and me can access life insurance options via tools that we use on a daily basis, namely digital banks, online mortgage brokers, investment platforms, digital money management service,s and challenger banks.
It should go without saying that the global pandemic has caused a massive shift in how society as a whole views life insurance, particularly the 22-44-year-old age bracket, with over eight million having considered protection within the last three months alone.
Anorak has partnership deals in place with Starling Bank, Snoop, Clearscore, Canopy, Billbuddy, Vivup and OpenMoney. As mentioned above, new funding will be used to further acquire new clients, specifically those that do not traditionally sell insurance products. “Our mission is to help millions protect their financial future. We are passionate about advice, and we believe that everyone should have access to it. We can ensure that each person gets the protection that is right for them,” says Vanek. “The last 12 months have left many of us in a state of financial uncertainty, and many are actively searching for fair and transparent advice on insurance. Our platform provides exactly that and we are looking forward to continuing to work with our partners to bring this education to the masses.”