Life insurance technology provider Anorak has partnered with open banking platform Starling to offer its customers life insurance.
Starling is one of a number of mobile finance app solutions to have emerged in recent years. The partnership with Anorak will allow Starling customers to connect their account to Anorak’s service through the bank’s in-app marketplace. Anorak will then analyse the customer’s bank transactions to decide how much cover the customer might need and for what period.
The customer is then matched with the policy best suited to them from major insurers. These include Aegon, AIG Life, Aviva, British Friendly, The Exeter, L&G, LV=, Old Mutual Wealth, Royal London, Scottish Widows and Zurich.
Anorak’s API platform allows for rapid data analysis capable of providing clients with personally tailored recommendations based on their risk profile in a matter of minutes.
“Partnering with Starling enables Anorak to deliver on its mission to give everyone easy access to regulated life insurance advice and personalised options,” said David Vanek, CEO of Anorak. “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.”
The partnership adds to Starling’s growing portfolio of financial service products offered through its marketplace. The challenger bank already works with mortgage broker Habito, pension provider PensionBee and digital investment service Wealthsimple, among others.
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