As an independent online broker for life insurance, Anorak can provide your customers with free advice and help buying the right cover. Below are the most common questions we get about how a partnership with Anorak works.
Anorak has partnered with digital banks, smart money management apps, mortgage brokers, employee benefit consultants, and more to connect people with life insurance advice and cover.
When considering a partnership with Anorak, these kinds of business often have questions about the relevancy of a life insurance journey for their customers; what the compliance risks are when offering life insurance; and what the benefits of partnering with a whole-of-market broker are (as opposed to an insurer).
Is life insurance relevant for my customers?
It’s very likely to be. Millions of people in the UK who need protection don’t have it. Life insurance is suitable for anyone with financial dependents – there to provide financial security to the loved ones left behind if the worst happens. People with a need for life insurance often includes couples, parents, single parents, homeowners, renters, and the self-employed.
Is life insurance expensive?
Life insurance is often very affordable, especially if a customer is properly advised about what they need based on their future financial liabilities. Without advice, customers can end up overprotecting themselves and spending more than they need to. In particular, if a customer smokes or has a certain health condition, having an expert navigate the market to find the insurer who offers the most favourable terms for that set of circumstances can make a significant difference to the price.
Do I need to be FCA-authorised to partner with Anorak?
No, you don’t need FCA-authorisation to partner with us. We’re FCA-authorised ourselves and we’re the ones responsible for any advice we give to the customers you refer to us.
Does referring my customers to Anorak come with any compliance risks?
No. We’re fully responsible for the advice we give to all our customers, including those referred to us by partners. We’ve built a way to sell protection in a controlled, repeated way – with automated compliance actually taking the risk out of regulated sales. Any compliance liability is ours.
Is my company’s brand reputation in safe hands with Anorak?
Yes. Anorak has a proven track record in customer satisfaction and is rated excellent on Trustpilot. With a seamless digital journey and easy access to expert advice from our in-house team of advisers, you can rest assured your reputation will be upheld.
Got questions about selling life insurance or partnering with Anorak?
How much effort is it to partner with Anorak?
Little to none. We’ll provide the assets and unique URLs needed to position Anorak on your website or platform and refer customers to us. If needed, we can also offer more complex white-label or API integrations.
Should I partner with a whole-of-market broker or directly with an insurer?
It’s fair to say there are pros and cons to both, but partnering with a whole-of-market broker brings with it benefits that a single-tie partnership with an insurer simply can’t.
If you partner with a household insurer name, you’re likely to win customer trust easily and be able to offer an end-to-end online journey. However, the selection of products will be limited, your customers won’t get access to advice before they buy, and not all customers will be eligible for an online-only journey.
If you partner with a whole-of-market broker like Anorak, your customers might be less familiar with the brand – but they’ll have access to a much wider range of products, increasing the likelihood of finding one that’s truly suitable, and they’ll get access to free, independent advice before they buy. They’ll still enjoy a seamless digital experience, but also have access to help from human advisers at any point.
Read more about the pros and cons of these different partnership types here.
Can we monitor what customers do after they’re referred to Anorak?
As a data-driven company, we’ll of course provide a GDPR-compliant, real-time performance dashboard, so you can monitor everything from the number of customers starting the journey to the amount of sales generated.
Will there be opportunity to learn and improve our life insurance offering?
Yes. We gather anonymous behaviour and demographic insights from all Anorak customers. Together with analysis of your referred customer cohorts, we can use this to improve our partnership metrics and the relevancy of your life insurance offering for your customers.
Who owns referred customer data?
Once a customer is referred from your company to ours, Anorak owns any data captured during the onward user journey.