ING’s fintech banking baby Yolt has struck a partnership with life insurance adviser Anorak. Together, the firms will offer personalised life insurance advice to Yolt’s users.
Yolt connects to its users’ bank accounts, giving them a consolidated overview of their finances. The app then spins insights off the back of the data stored in those accounts, and makes recommendations to a range of partner firms, mostly fintechs.
Yolt’s stated vision is to become the only money app its users need, with partners to refer to across utilities and bills, financial products, and leisure and experience. Anorak is Yolt’s third partner, joining energy comparison platform Runpath and international money exchange firm Moneytis.
Anorak’s advice will be based on Yolt’s financial insights and will show users how much life cover they need (if any), how long they’ll need it for, and why. Using this information, Anorak will recommend life insurance policies from major insurers, tailored to fit each user’s circumstances.
Frank Jan Risseeuw, CEO of Yolt, said in a statement: “It is a very exciting time for Yolt and our community as we continue to expand our partnerships empowering users to Unthink Money. We are delighted to have Anorak on board as a trusted life insurance partner and look forward to working closely with them to provide our users with access to a wide range of innovative products and services tailored to their needs.”
Yolt has gained rapid traction in the UK market, no doubt leveraging the reach of its parent company, Dutch banking giant ING. The firm hit 250,000 users in April this year, less than a year after launching.