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Anorak Technologies picks up £4 million in seed funding

Anorak Technologies picks up £4 million in seed funding | Insurance Business UK

Anorak Technologies picks up £4 million in seed funding
AXA has made a host of investments in rising insurtech start-ups – and now the incubator it funds has poured cash into another up and coming firm.

Kamet Ventures, funded by AXA, is sending £4 million in seed funding to London-based smart data independent insurance adviser Anorak Technologies Limited. The money will reportedly be used to develop its platform while also expanding its operations and business reach.

According a report at Finsmes.com, the firm leverages advanced data science, as well as machine learning, in an effort to make life insurance more accessible. It is led by CEO and co-founder David Vanek and is said to give people “the knowledge and advice of a broker” by collecting data on that person’s income, family, home and other financial aspects and then analysing the level of cover they will need and for how long.

From there, the company scans policy documents from major insurers and analyses the small print to help a customer choose the best policy for their circumstances. It claims to offer personalised advice in just minutes.

What do you make of the concept? Can this sort of data-led insurance quoting work, or will it lack the personalisation a broker can provide? Leave a comment below with your thoughts.


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