Anorak Technologies Limited, a London, UK-based smart data independent insurance adviser, secured £4m in seed funding.
Kamet Ventures (a €100m incubator funded by AXA) made the investment.
The company is using the funds to continue to develop the platform, expand its operations and business reach.
Led by David Vanek, co-founder and CEO, Anorak leverages advanced data science and machine learning to make life insurance accessible to the currently unprotected 8.5 million families in the UK.
The company gives people access to the knowledge and advice of a broker, collecting data about person’s family, home, income and finances, and analyzing how much cover they need, for how long and why. Then, having scanned and rated policy documents from all the major insurers, and analyzed hundreds of pages of smallprint, Anorak finds the best policy to suit the person’s unique circumstances. This personalized advice is delivered online in minutes.
The company has built a suite of APIs to integrate into people’s digital lives by partnering with existing services, like online banking and ecommerce.