TrueLayer, a leading provider of financial APIs, today annoucnes it has partnered with smart independent insurance adviser Anorak to enable the first application of PSD2 into the life insurance market.
Anorak is the first player of its kind to offer impartial life insurance advice based on a person's financial data. Traditionally, an insurance provider would sell products and consumers would usually choose the cheapest. Anorak changes this by using Open Banking to gain access to an individual’s data to predict the level of life insurance cover they will need and match the customer with the best policy based on their needs, should the worse happen.
TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to capitalise on Open Banking and PSD2 rules by providing secure access to banking infrastructure.
Francesco Simoneschi, CEO and Co-founder of TrueLayer, says: “At its core Open Banking and PSD2 aims to increase competition, choice and value for consumers. Anorak’s service is exactly what was envisioned. By leveraging their financial data, consumers are empowered to make an informed choice on the life insurance policy that is best for them - saving both time and money.
“Anorak is the latest in a series of exciting tech companies that have partnered with TrueLayer. Crucially, they are all offering different services in different industries, showing that Open Banking is gaining momentum across the board.”
David Vanek, co-founder and CEO at Anorak, says: “Open Banking and TrueLayer’s API is allowing us to make life insurance accessible to millions of breadwinners in the UK that do not have protection.
Traditionally, it was impossible to comprehensive life insurance advice online. People had to used price comparison websites to find the right cover which seems crazy - to purchase something so important based on the provider that gives you the cheapest policy.”
“Through Open Banking, we’re able to provide consumers with policy recommendations based on their financial needs and what best suits them, not based on price.”
TrueLayer’s work with Anorak follows partnerships with Monzo, Starling Bank, CreditLadder, Clockwise, Resident and Zopa.
TrueLayer became one of the first UK companies to be authorised and registered by the Financial Conduct Authority (FCA) to provide APIs under Open Banking and PSD2. The confirmation means that it has passed rigorous security, management and operations assessments.