UK-based insurance comparison platform developer Anorak Technologies has received £4m ($5.6m) in seed funding from Kamet Ventures, an insurance technology incubator launched by insurance group Axa.
Anorak’s online platform uses data science and machine learning to assess data provided by a user covering their family, home, income and finances. It then processes the technical small print of multiple life insurance policy documents to recommend a suitable policy.
The company is looking to form partnerships with financial services providers and e-commerce firms that will involve the technology being offered through their platforms, co-founder and CEO David Vanek told TechCrunch. It will use the funding to further develop the platform.
Kamet Ventures founder Stephane Guinet said: “Anorak is one-of-a-kind, bringing unique innovation to the slow-moving life insurance sector. By bringing together an experienced team of data scientists, software engineers, actuaries, designers and writers, Anorak has managed to develop a breakthrough solution.
“Its partnerships with Kamet Ventures has given the company access to industry expertise and data, bringing a competitive advantage”.
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