UK-based challenger bank Starling has partnered with digital life insurance platform Anorak, adding the InsurTech solution to Staling Marketplace.
The deal was formed to provide the bank’s customers with access to personalised, transparent, impartial and regulated life insurance advice.
Through the partnership, Starling Bank customers will be able to connect their accounts with Anorak’s service. Following permission from a customer, Anorak will analyse their bank transactions to provide advice on how much life cover they need, for how long and why. It will then match the user with the best policy to fit their specific needs from insurers.
Anorak uses data science and machine learning technology to help consumers in the UK get the correct life insurance for them. The technology collects and analyses data about a user’s family, home, income and finance, to find the right policy from major insures.
Anorak CEO David Vanek said, “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.â€
Starling has been making full use of the newly launched Open Banking initiative, having recently completed a number of partnerships with FinTechs. Last week, the bank teamed with online savings marketplace Raisin UK in order to provide its customers with better experiences and improved interest rates.
Raisin gains access to Starling’s account opening and transaction processing APIs to help develop new offerings. In the future, Starling customers will be able to take advantage of deals offered by partner banks of Raisin UK, all through Starling’s own marketplace.
Last month, the bank also partnered with personal finance app Money Dashboard and AI-powered chatbot Plum.
Earlier in the year, Anorak completed a £4m seed round of funding from Kamet Ventures.
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