Application programming interface (API) provider TrueLayer has partnered with independent insurance adviser Anorak to enable the first application of PSD2 into the life insurance market.

Traditionally, an insurance provider would sell products and consumers would usually choose the cheapest. However, by using Open Banking to gain access to an individual’s data and predict the level of life insurance cover they will need, Anorak is opening up a new market.

TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to capitalise on Open Banking and PSD2 rules by providing secure access to banking infrastructure.

Francesco Simoneschi, chief executive and co-founder of TrueLayer, said that by leveraging their financial data, consumers are empowered to make an informed choice on the life insurance policy that is best for them – saving both time and money.

Application programming interface (API) provider TrueLayer has partnered with independent insurance adviser Anorak to enable the first application of PSD2 into the life insurance market.

Traditionally, an insurance provider would sell products and consumers would usually choose the cheapest. However, by using Open Banking to gain access to an individual’s data and predict the level of life insurance cover they will need, Anorak is opening up a new market.

TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to capitalise on Open Banking and PSD2 rules by providing secure access to banking infrastructure.

Francesco Simoneschi, chief executive and co-founder of TrueLayer, said that by leveraging their financial data, consumers are empowered to make an informed choice on the life insurance policy that is best for them – saving both time and money.

Anorak co-founder and chief executive David Vanek stated: “It used to be impossible to comprehensive life insurance advice online, people had to used price comparison websites to find the right cover which seems crazy – to purchase something so important based on the provider that gives you the cheapest policy.”

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