Starling Bank Announces New Partnership With Insurtech Anorak

UK challenger bank Starling Bank announced on Monday it has formed a partnership with insurtech startup Anorak. According to Starling Bank, Anorak is now set to provide impartial life insurance advice through the Starling Marketplace.

Starling Bank also reported that Anorak’s mission is to make life insurance advice accessible to millions of unprotected families across the UK. The insurtech’s platform and APIs use data science and machine learning to offer customers tailored advice based on their unique circumstances and their individual risk profile within a matter of minutes.

“Through the in-app Marketplace, Starling customers are now able to connect their accounts with Anorak’s service. With the customers’ consent, Anorak analyses their bank transactions to offer advice on how much life cover they need (if any), for how long and why. Based on this, Anorak matches the user with the best policy from the major insurers, to suit the person’s unique circumstances. The service helps people make the right choice, not just the cheapest.”

Starling Bank then explained that the Starling Marketplace offers its customers direct access to financial services and products directly through the Starling app. The challenger bank currently has existing partnerships with pension provider PensionBee, digital investing service Wealthsimple, mortgage broker Habito, investment robo-advisers Wealthify, travel insurance provider Kasko and receipts and loyalty partners Tail and Flux. David Vanek, CEO of Anorak, added:

“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.”

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