NEOBANK STARLING PARTNERS WITH INSURTECH: UK-based digital-only bank Starling has announced a partnership with insurtech Anorak. Per the agreement, Anorak will provide life insurance advice on the Starling Marketplace, the bank’s in-app portal through which its customers are offered a range of financial services and products. Through this portal, Starling’s customers can connect their accounts with Anorak’s services, allowing the insurtech to analyze their accounts to offer them tailored advice on life insurance coverage, including whether or not they need it. As well as Anorak, Starling has partnerships with other third-party financial service providers including digital investing service Wealthsimple, mortgage broker Habito, and travel insurance provider Kasko. The emergence of financial services marketplaces like the one offered by Starling is in large part driven by changing regulation in the UK (Open Banking) and the EU (Second Payments Services Directive or PSD2). These regulatory changes require lenders to provide third-party access to customers data, generally through open application programming interfaces (APIs), if customers request it. Given challenger banks like Starling have limited resources to develop the bulk of financial services in-house, these changes are very welcomed by them, offering an opportunity to grow user base and revenue streams through partnerships. This current partnership should further bolster Starling’s burgeoning ecosystem, enabling it to expand its suite of product offerings to consumers.



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