Starling Bank and Anorak have teamed up to provide impartial life insurance advice through the Starling Marketplace.
Using the Starling Marketplace, customers of the digital-only bank are now able to connect their accounts with Anoraks’ insurance service.
Life insurance robo-adviser, Anorak aims to make life insurance more accessible to millions of unprotected families across the UK through data science and machine learning.
With the consent of the customer, the app will ask a few lifestyle questions. Thereafter, Anorak will recommend the protection insurance that individual requires and how long it should last.
Finally, it will scan policies from various insurers to help the customer choose the right policy for them.
Starling Marketplace offers its customers direct access to financial services and products directly through the Starling app. Currently, Starling partners with PensionBee, Wealthsimple, Wealthify, Habito, Kasko, Tail and Flux.
Chief platform officer at Starling Bank, Megan Caywood said: “Starling 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.”
CEO of Anorak, David Vanek commented: “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.”
Open Banking in life insurance
Anorak launched its app in 2017. Buying life insurance is a complex process. The robo-advice service is there to help make those decisions simpler.
Recently, Anorak partnered with financial API provider, TrueLayer. This was one of the first examples of PSD2 rules supporting Open Banking in the life insurance sector.
An advocate of Open Banking to promote financial independence, Anorak participated in Starling’s inaugural Open Banking hackathon in April 2017.