InsurTech start-up Anorak has secured £4m of seed funding from Kamet Ventures, a €100m incubator funded by insurance giant AXA.
Anorak is a smart data company on a mission to build the world’s smartest independent insurance adviser.
The firm is using advanced data science and machine learning to make life insurance more accessible to millions of unprotected families across the UK.
It does this by collecting data about a person’s family, home, income and finance to analyse how much cover they need, for how long and why. It then scans and rates policy documents from all the major insurers and finds the best policy to suit the person’s unique circumstances.
David Vanek, co-founder and CEO, 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.”