Anorak, a UK-based life insurance advice platform, has reportedly secured £5 million through its latest investment round, which was led by Outward VC, with participation from Triple Point Ventures and Kamet Ventures
Founded in 2017, Anorak describes itself as a technology company that is setting a “new standard” for protection sales by offering a software platform that is build to enable any distributor to sell at scale.
“With Anorak, unlocking the potential of the protection market is anyone’s game. We’re enabling banks, lenders, insurers, brokers, advisers, and other digital disruptors to sell life insurance, income protection and critical illness cover more efficiently, at scale – with an easy-to-integrate software platform connecting their customers to personalised, regulated solutions.”
Speaking about the company’s progress, David Vanek, CEO and co-founder of Anorak, stated:
“The last 12 months has left many of us in a state of financial uncertainty, and many are actively searching for fair and transparent advice on insurance. Our platform provides exactly that and we are looking forward to continuing to work with our partners to bring this education to the masses.”
Anorak went on to add that the investment round’s funds will be used to accelerate the expansion of the software distribution, as well as partner networks. The company will also continue to invest in its fully automated advice platform.