The short answer is: no. That’s one of the benefits of partnering with an online broker like Anorak to offer life insurance to your customers – we’re FCA-authorised, so you don’t have to be.
Life insurance is a heavily regulated and highly specialised field – so only FCA-authorised providers can sell it. If you’re not regulated already, this is unlikely to be a priority in many cases, but partnering with someone who is authorised allows you to sell life insurance to your customers and share the benefits.
This doesn’t make the sale of life insurance any riskier for you, from a compliance perspective. At Anorak, we take sole responsibility for the advice we give to all of our customers, including those referred to us by a partner. In GDPR terms, we’re both processor and controller of referred user data.
Offer free, independent, online advice in a regulated way
Partnering with an online broker is your chance to do exactly this. It’s also an opportunity to deliver that advice and sell life insurance in the way your customers expect to transact – with a simple, easy-to-use, convenient online service.
At Anorak, we’ve been developing and optimising our smart advice engine for four years. This is what enables us to deliver regulated advice – instantly and online – and to transform the way people buy life insurance.
Our advice engine combines user profiles with multi-source data to deliver our service in a consistent and compliant way. This unique combination of technology and open banking data also means we can deliver advice in a way that’s highly personalised, engaging and actionable for customers. And since it’s based on algorithms, customers get a truly objective, independent view of their needs.
Got questions about selling life insurance or partnering with Anorak?
What’s the experience like for your customers?
Anorak exists to make it easy for people to protect themselves and their loved ones financially. We help people understand what their financial liabilities are in case they die or become too ill to work, then guide them through the process of getting protected.
Partnering with Anorak gives your customers immediate access to expert advice and a truly educational journey – purposefully-designed to support informed decision-making. Once the protection conversation has been raised on your site, app or platform, and the customer has been introduced to Anorak, the experience will go something like this:
- Take Anorak’s quick assessment
- Receive instant online advice (including a personalised cover recommendation)
- View suitable quotes from the whole market of insurers
- Apply for a policy online, then speak to an adviser to double-check everything
- OR speak to an adviser for guidance at any point during the journey
The journey is designed to make sure customers get easy access to advice and buy the right cover for them – no more, no less. Our aim is to make sure people are adequately protected without paying any more than they need to. And to give people confidence that they and their families are protected in case something unfortunate happens.
As a regulated service, we take full responsibility for all of the advice we give, whether that’s online or over the phone with one of our advisers. For our partners, this means being able to sell life insurance to customers in a compliant way – without being FCA-authorised themselves. At the same time, it’s an opportunity to make life insurance more accessible to new demographics, drive revenue, and become more of a financial health companion to your customers.