CLARK Group acquires Anorak and further expands on the UK market
- The European insurtech and the British start-up agree on a crucial transaction
- CLARK Group is currently represented in the UK by Bristol-based insurtech Candid and continues to expand its presence in the British market
Frankfurt / Bristol, January 2023. CLARK Group, a leading global insurtech, today announces the integration of British start-up Anorak. The transaction enables the unicorn to grow further and strengthens its presence in the important UK market. The CLARK Group is represented in the UK market by Candid, a Bristol-based insurtech. With the brands Tom, Polly and Winston, Candid is the fastest growing life and protection business in the UK with and has shown triple digit year on year growth since entering the protection market as a distributor. Anorak is the perfect fit to complement the brand portfolio and an addition to the digital broker journey of Candid and the CLARK Group, since the innovative insurtech is reinventing life insurance distribution. Anorak is the first business to bring a fully automated Direct-to-Customer (D2C) and Business-to-Business-to-Consumer (B2B2C) digital protection advice platform to the UK market.
Strategic alignment for success-driven growth
With this acquisition CLARK Group is taking a big step closer to its ambitious growth targets: “Our goal is to become the largest insurance broker in Europe. Candid and Anorak joining forces is a promising basis for the growth of our joint ventures. We see big potential in the UK market for the CLARK Group,” says Christopher Oster, CEO and co-founder of the CLARK Group.
Matt Edwards, CEO of Candid, adds “Anorak has a fascinating proposition that I have been following for some time. The founders have been early movers in the inevitable digitalisation of the protection market and have brought the first fully automated and regulated online advice path to market, an amazing achievement. Anorak’s technology and brand will greatly strengthen our protection proposition and accelerate our growth plans in the UK market. We are truly excited to welcome Anorak to the Group.”
David Vanek, CEO of Anorak: “We are thrilled to join Clark group, and to contribute to its mission to building the European largest insurance broker. Candid’s leadership team has built the fastest growing protection insurance distribution platform in the UK, by a long shot. With Candid’s support, Anorak will be able to accelerate its growth trajectory, giving everyone easy access to expert financial advice on Income Protection and Life.”
The rise of the CLARK Group
In 2015 Marco Adelt (Managing Director Germany), Chris Lodde (Managing Director International) and Christopher Oster (CEO) recognised the opportunities of digitalisation for the insurance industry. Their founding of CLARK Group in Germany showed that old structures can be broken down and new markets can be created if you have a good idea. Within the last seven years CLARK Group has attracted international investors such as Allianz X, Tencent, White Star Capital, Yabeo and Portag3, raising more than 170 million euros. In November 2021, the Frankfurt-based insurtech announced the integration of finanzen Group, one of the leading European platforms for information on insurance and financial products and the generation of insurance prospects. The transaction simultaneously made CLARK a unicorn and one of the largest insurtechs in the world. The CLARK Group was founded in early 2022 and now has more than 2 million customers.
About CLARK Group
The CLARK Group is one of the largest global insurtechs. The mission of the CLARK Group is to build Europe’s best insurance advisor. Insurtech offers a mobile app through which customers can manage their insurance in the most convenient way. Investors like Allianz X, Portage, White Star Capital and Yabeo and Tencent support CLARK. Around 30 brands are bundled under the umbrella of the CLARK Group, providing great insurance experiences to more than 2 million customers. Over 700 employees work in offices in Frankfurt (headquarter), Berlin, Püttlingen, Bristol, Amsterdam, Vienna, Paris and Zurich.
Anorak is the world’s first fully automated life insurance advice platform. The online broker uniquely provides bespoke, unbiased and regulated advice, putting the interests of the user first. Anorak’s award-winning technology can be integrated into existing software so that people can access life insurance options while using everyday services such as challenger banks, money apps, online retailers, mortgage brokers and investment platforms. Founded in 2017 by David Vanek, former MADE.com group CFO and Vincent Durnez, CIO at AXA Direct and CTO of Prima Solutions and Fluo, the company is on a mission to build the world’s smartest life insurance companion.
Candid, a Bristol based insurtech provides advice and fulfillment of life and protection products. The Candid team is passionate about protecting UK Mums and Dads and through an innovative mix of marketing, technology and customer service. Candid protects over 100,000 UK Mums and Dads every year. Lead by CEO Matt Edwards and COO Joshua Sargent, Candid is also the fastest growing life and protection business in the UK with triple digit year on year growth.
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