Starling partners with InsurTech Anorak
Written by Hannah McGrath
Starling bank has teamed up with InsurTech firm Anorak to offer life insurance services to users of its mobile banking app.
Anorak, a life insurance advice service which uses APIs and machine learning to risk profile customers, has joined a growing pool of financial services accessible through Starling bank’s app-based marketplace.
A Starling user seeking a life insurance assessment connects their accounts with Anorak’s service, which is then able to analyse bank transactions to offer impartial advice on the life insurance cover they may benefit from, the length of policy and the reasons behind the assessment.
Anorak then uses the data to match the user with the best deal from major insurers according to the individual’s circumstances.
The partnership is the latest in a series of FinTech startups joining Starling Bank’s API-based marketplace including PensionBee, a pension provider, Habito, a mortgage broker, Wealthify, an investment robo-adviser, Kasko, the travel insurance provider and Tail and Flux, online loyalty partners.
Megan Caywood, chief platform officer at Starling Bank said the marketplace is designed to give customers ever greater control of their financial lives.
“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.”
David Vanek, chief executive of Anorak, said: “Partnering with Starling enables Anorak to deliver on its mission to give everyone easy access to regulated life insurance advice and personalised options. 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.”