By retrieving their users data from the financial institutions they bank with, Anorak’s service has allowed individuals to perform a life insurance evaluation that takes into account each persons family and finances. Based on the evaluation, the fintech provides advice on the type of plan it believes the individual needs, as well as personalised life insurance policies.
The service scans eight large insurers, by allowing users to share their data from the financial institutions they have accounts with.
Through Open Banking and PSD2 services, individuals have gained the ability to control the information associated with their accounts. Whereas third parties, including startups such as Anorak, provide them with the means to understand their finances, and obtain recommendations for products and services that are in accordance to their specific consumer profile.
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