Life Insurance Is Coming to Millennial Savers With Anorak and Plum Partnership

It’s been announced that the money management app Plum has partnered with the online life insurance, income protection, and critical illness cover broker Anorak to bring long-term support to millennial savers on their financial journey.

Over the pandemic, younger earners experienced a 40% increase in financial vulnerability, leading to 60% of Plum’s customers wanting to save more when lockdown is fully over. Anorak experienced a similar rise in interest from customers, with 47% citing the pandemic as the sole reason for getting life insurance.

Plum’s smart money management app will be bolstered by Anorak’s platform, which helps users discover the kind of life insurance, income protection, or critical illness cover they need to plan for a financially secure future.

This move comes after Anorak formed a similar partnership with the financial app-based platform Yolt, to make finances and life insurance more accessible to their users.

David Vanek, CEO, AnorakDavid Vanek, CEO, Anorak
David Vanek, CEO and co-founder, Anorak

Speaking on the formation of the partnership, David Vanek, CEO, and co-founder of Anorak comments: “We’re thrilled to be working with Plum to help bring critical financial services to an increasingly widening range of people.

“This partnership comes as we’ve seen a jump in the numbers of millennials coming to us who are curious about life insurance, income protection, and critical illness cover, as younger earners wise up to the benefits of having protection policies in place.

“We’re excited to be growing and developing alongside such a unique and valuable service, as people look for easier, more transparent ways to save money and map out their financial futures.”

These platforms will work together to help users identify and reach their financial goals, and ensure the future of their finances are comprehensively covered no matter the circumstances. In addition to being able to access Anorak’s range of products on-demand via the app, Plum will also notify customers when it detects that they are already making life insurance payments, giving them the option to check if they could find a better deal via Anorak.

Charlie Bailey, Head of Partnerships, PlumCharlie Bailey, Head of Partnerships, Plum
Charlie Bailey, Head of Partnerships, Plum

Charlie Bailey, Head of Partnerships at Plum added: “Anorak has a great mission around making life insurance and cover simple, convenient, and user-friendly. This makes Anorak a natural partner for us as we expand our bill offering to give customers better options for protecting their finances in-app.

“Our next step will be to add helpful prompts for customers so that they are well-informed about their financial choices throughout their lives. Many people take out life insurance when they buy a home or start a family, for example. Plum and Anorak will be there for them during these milestones, offering easy access to the financial products they need in a smart, accessible way.”

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.