Naked is the new way to insure your stuff - South Africa’s first AI-native insurance provider offering comprehensive cover for your car, home, contents and single items.
Naked offers a fully digital, artificial intelligence (AI)-driven platform that gives users a faster, fairer and more flexible insurance experience. It’s fully automated systems – free from legacy technology and infrastructure – give customers unprecedented control over their insurance and result in significant premium savings. The business is called “Naked” because it brings new levels of transparency to insurance – no hidden fees, no hidden agendas.
The goal is to change insurance for the better by providing instant, honest insurance at game-changing prices. From quoting to claiming to generating a proof of insurance letter, the Naked app empowers users to control their insurance policy without needing to speak to a call centre. Users can get a final insurance quote in 90 seconds and sign up for cover in less than three minutes on the app, guided by the friendly chatbot, Rose. With the Cover Pause feature, users can pause their accident cover with one click if their car won’t be used for a day or more – instantly reducing the premium by about 50% for that time.
Unlike conventional insurers, Naked takes a fixed portion of premiums to run the business, with the balance going into a pool to cover claims. At the end of each year, money left over in the claims pool goes to charities nominated by clients rather than towards company profits. This means that Naked’s income doesn’t depend on whether or not claims are paid and keeps Naked honest and unconflicted when assessing claims.
Naked is the 2019 winner of the MTN Business App of the Year Award as well as the 2019 winner in the Best Financial Solution category.
Naked launched in April 2018 as an underdog in a well-established, contested market. The insurance industry in South Africa is a complex industry to enter as it’s saturated with old-school corporate companies. Traditional insurance companies in South Africa also have huge advertising budgets and are able to easily spend large amounts of money on traditional advertising.
Despite all of the barriers to entry, Naked has entered the insurance industry in South Africa and quickly became a trusted, credible and talked about brand. Part of this is thanks to Hellopeter!