Insurtech Anorak raises $6.5m in funding
In a round led by Kamet Ventures – an insurtech start-up studio backed by AXA – life insurance recommendation engine Anorak Technologies has raised $6.5 million (£5 million) in new funding, reports David Penn at Finovate.
Takes UK firm’s total equity financing to more than $11.6m
The investment, which takes the UK-based company’s total equity financing to more than $11.6 million (£9 million), will be used to fuel further development of and applications for its technology. Anorak specifically highlighted plans to use its life insurance recommendation engine as the basis for an advisor platform.
Anorak leverages artificial intelligence (AI), and data science, and actuarial science to build an automated advice platform for life insurance consumers.
Designed to serve the nine million families in the UK that Anorak estimates are underserved, its technology and APIs enable distribution partners to offer life insurance recommendations alongside other financial, investment, and e-commerce services.
Guillaume Borie, chief innovation for AXA, underscored how the recommendation engine could be deployed in a variety of contexts.
“(The technology) enables carriers to create a new breed of distribution partnerships from banking to gig economy platforms, whilst also reinventing the experience of existing intermediaries networks,” Borie says.
In September, Anorak announced that it would provide life insurance advice for users of money management app, Yolt.
Also that month, Anorak teamed up with Starling Bank to provide insurance advice for customers of the UK mobile-only bank.
The company was founded in 2016 and is headquartered in London.
