Anorak Technologies has reportedly raised £5m in Series A round led by AXA backed Kamet Ventures.
This latest round takes the InsurTech’s total amount of investment to £9m and will be used to fund the company’s technology and data teams. The €100m incubator just led a £4m seed funding round for the business in January this year.
Anorak uses data science and machine learning technology to help consumers in the UK get the correct cover they need. The technology collects and analyses data about a user’s family, home, income and finance, to find the right policy from major insures.
The company’s API can be integrated with existing platforms and Anorak has partnered with online banking and e-commerce platforms, so it can help consumers with policies at the right time.
Anorak co-founder and CEO David Vanek said “The life insurance sector is on the verge of transformation and Anorak is leading the way. Kamet investment enables us to deliver on our vision.
“We are committed to using cutting-edge technology to bring life insurance sector into the digital age and make protection advice accessible to the millions unprotected in the UK.”
Earlier this year UK-based challenger bank Starling partnered with Anorak, adding its InsurTech solution to the Staling Marketplace.
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