Anorak Technologies, a London-based insurtech startup, has successfully secured £4 million in seed funding from incubator, Kamet. Founded in 2015, the company claims it is building the world’s smartest independent insurance advisor with a mission to put customers back in control of their insurance needs. While sharing details about the company’s process, Anorak Co-Founder and CEO, David Vanek, stated with TechCrunch:
“The most important aim for us is to figure out exactly what kind of protection you need. So we gather the necessary data from you about your family, home, income, and finances. Then, having scanned policy documents from all the major insurers, and analyzed hundreds of pages of small print, we find the best policy to suit your circumstances. We’re independent so there’s never any pressure to buy: you apply when you’re ready.”
Vanek went on to add:
“Somewhere along the way, the life insurance industry lost sight of its customers, clarity and trust dropped off the menu. If you’ve ever been through the process, you may understand: it’s a universe of confusing products, insurance jargon and painstaking user experience (if we can call it that). Even when you know you should sort out your life insurance, it gets pushed to the bottom of the to-do list, because, well, life takes over. For that reason, it’s often actively sold, not proactively bought.”
Kamet is the €100 million-backed incubator set up by insurance brand AXA. It is also described as a fast insurtech startup studio that supports entrepreneurs building groundbreaking technology companies that are geared to improve, enrich or disrupt the insurance ecosystem.