Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

London-based Anorak Raises £4M from Kamet Ventures

anorak-co-founders

Anorak cofounders David Vanek and Vincent Durnez

Anorak Technologies, an AI-fuelled InsurTech startup, has raised a £4 million Seed funding round from Kamet Ventures, an  incubator backed by insurance giant AXA.

Founded in 2017 by  David Vanek and Vincent Durnez, London-based Anorak harnesses  data science and machine learning to collect information about a user’s family, home, and income— and then suggest them the most appropriate type of insurance cover.

Anorak’s system can allegedly scan and rate policy documents from a number of major insurance company in order to deliver the best, tailored insurance advice.

“Current distribution channels have failed to make life insurance accessible. We are remodelling the entire experience so it’s easy to make the right decision,”Anorak cofounder and CEO Vanek said in a statement after the funding round.

“Using data science and software engineering, we have digitised the entire journey, including policy rating and matching, ‘translating’ insurance jargon into plain English, to empower people to make the right choices about their life insurance. We see ourselves as a smart data company that delivers independent insurance advice, founded on trust and transparency.”

Kamet Ventures founder Stephane Guinet also commented on the round, labelling aid Anorak as “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,” he said.

Image via Anorak

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