Life insurance is what will give your family financial stability and security should the worst happen. Yet we’re more inclined to insure our phones than get the right protection insurance in place for ourselves and our families. In fact, 10 million breadwinners in the UK don’t have life insurance in place to protect their loved ones should the worst happen.
Why the lack of engagement?
If you’ve ever been through the process, you’ll understand: it’s a universe of confusing products, insurance jargon and painstaking user experience (if we can call it that). Even when you know life insurance is something you should sort out, it invariably gets pushed to the bottom of the to-do list, because – well – life takes over. For that reason, it’s a product that’s still more likely to be actively sold than proactively bought.
And many people don’t actually make it to that stage, because they’re not even aware that they need life insurance or that it’s something that’s available to them. There’s a misconception that it’s expensive or, because you often have to go through a financial adviser to get it, that it’s only for the affluent. So many don’t look into it at all.
Somewhere along the way, the life insurance industry lost sight of its customers: the millions of unprotected people with genuine protection needs.
Anorak rethinks the way this conversation is handled
Our vision is to build the world’s smartest insurance companion and transform the way millions protect their future. As an online broker, we’re redefining the way people buy and sell life insurance, income protection and critical illness cover – on a mission to help anyone who needs protection get protected.
Over the last four years, our growing team of software engineers, life insurance specialists, data experts and design heavyweights have been building a new model for buying life insurance. One that enables people to make the right choice when protecting themselves and their families financially (not just the cheapest).
Through advanced data science and machine learning, we’re giving everyone access to tailored advice about their life and their risks. Not only that, but we’re looking at how to integrate it seamlessly into people’s digital lives. For example, by partnering with existing services – like online banking apps, money management apps, digital mortgage brokers, employee benefit platforms, and other community websites – Anorak can come to you at just the right moment, when you already have these ‘big’ things on your mind.
So how does it work?
Our priority is making sure people make the right decisions when buying cover, so they don’t leave themselves under- or over-protected. To do this, we ask them to input some key info about their lives (which takes less than five minutes), then use technology to deliver accurate, personalised, regulated advice – instantly and online.
We show people in a simple, user-friendly way what financial liabilities they or their surviving family would have if they died or became too ill to work. From this, we recommend what sort of cover they should buy to protect against these liabilities, then match them to the most suitable policies with quotes from the whole market of insurers.
We’re independent, so there’s never any pressure to buy. We’re simply there to guide people through the process of getting the right cover in place for their situation. We think the journey should be as transparent and straightforward as that.
Getting life insurance will always be a grown-up decision — about life, finance, future, and, of course, death. We’re simply giving people the confidence to make it an informed one.
