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Introducing: Anorak insurance for sole traders

7th November 2019

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As with everything, self-employment has pros and cons. You can set your own hours and rates. But you don’t have the safety-net of sick pay or life insurance, unless you set it up yourself.

Online insurance advisor Anorak is designed to take some of the weight from your shoulders by helping you protect your income. If you’re unable to work due to illness or injury, income protection insurance could enable you to pay the bills until you’re better. Anorak can also work out if you might need life insurance.

The Starling Marketplace partnership with Anorak enables you to complete a personalised assessment in minutes, all from the Starling app.

How do I sign up?

To get started, go to Marketplace in your Starling app and find Anorak under the Insurance category. It’s available for both personal customers and sole traders.

When you tap on the link, you’ll be guided through a quick, free online assessment. With your permission, Anorak will analyse your Starling Bank transactions to offer advice on income protection and how much life cover you might need (if any), for how long and why. Based on this search, Anorak will match you with what they believe to be the best policy for you. The personalised service helps people make the right choice, not just the cheapest one.

Why do I need insurance?

If you’re a freelancer, contractor or sole trader you may need income protection insurance to provide peace of mind if something happens that means you can’t work. Everyone has bills to pay, sometimes for a whole family, and if something goes wrong, an insurance provider could cover your outgoings when you don’t have a regular income.

If you have dependent family members or a mortgage, it’s definitely worth looking into life insurance. There’s no obligation to buy it, ​65% of UK adults have no life insurance or other protection cover, according to recent Financial Conduct Authority (FCA) figures. But it’s important that you remain aware of when you might need life insurance.

Anorak is all about raising awareness. It doesn’t want to sell you unnecessary insurance, it wants to provide guidance on what you may need, when and why.

How does it work?

Starling’s Marketplace partnership with Anorak is possible thanks to our Open APIs. Using APIs to provide secure connections between services is at the heart of new legislation which aims to put data back into the hands of the customer so that they can choose how to use and share it between their bank and third party providers such as Anorak.

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