Anorak offers sole traders’ insurance through Starling

Anorak will offer sole trader and personal customer insurance through the Starling Bank Marketplace.

A freelancer, contractor or sole trader simply uses the Starling App to find Anorak. Once they have clicked the link, they will be taken through a quick, free online assessment.

With permission of the individual, Anorak will analyse their Starling Bank transactions to provide them advice on income protection and how much life cover they may need, for how long and why. After this, the InsurTech will connect the user with the policy it feels is the best fit.

The integration is designed to help freelancers and sole traders protect their income for the event something happens which means they cannot work. This helps to ensure they can still pay bills when they cannot work.

According to the Financial Conduct Authority, 65% of UK adults do not have life insurance or other protection cover.

In a recent interview with FinTech Global, Anorak co-founder and CEO David Vanek stated that the fragmented and non-scalable nature of the life insurance distribution sector has caused a massive protection gap.

Last year, Anorak closed a £5m Series A round from Kamet Ventures to support its data and technology teams.

Earlier in the year, Anorak was named in the second annual InsurTech 100 list.

Copyright © 2019 FinTech Global

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