TrueLayer API right fit for Anorak’s life insurance
Suits you sir! London-based insurtech Anorak has wrapped itself around TrueLayer’s API for the “first” application of PSD2 into the life insurance market.
TrueLayer taking advantage of open banking once more
Anorak offers advice based on a person’s financial data. Via open banking it can predict the level of life insurance cover a person will need and match the customer with the relevant policy.
TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to use open banking and PSD2 rules by providing access to banking infrastructure.
David Vanek, co-founder and CEO at Anorak, says: “Traditionally, it was impossible to get comprehensive life insurance advice online. People had to use price comparison websites to find the right cover, which seems crazy – to purchase something so important based on the provider that gives you the cheapest policy.”
He adds: “Through open banking, we’re able to provide consumers with policy recommendations based on their financial needs and what best suits them, not based on price.”
TrueLayer’s work with Anorak follows other deals with Monzo, Starling Bank, CreditLadder, Clockwise, Resident and Zopa.
TrueLayer was founded in 2016 by serial entrepreneurs, Francesco Simoneschi and Luca Martinetti. It has received $4.4 million in investments from venture capital firms, including Anthemis Group and Connect Ventures.
Anorak was launched in 2017 and was co-founded by Vanek and Vincent Durnez, CTO. It is backed by Kamet Ventures, a €100 million insurtech incubator funded by AXA.
