Naked Insurance

Naked Insurance is a South African insurtech company that provides a fully digital insurance platform. The company offers car, home, and contents insurance, allowing customers to manage their entire insurance experience through a mobile application, from obtaining a quote to submitting a claim.

The company's business model, referred to as the "Naked Difference," distinguishes it from traditional insurers. Naked charges a flat, fixed percentage of the premiums to cover running costs and generate a profit. The remaining portion of the premiums is allocated to a claims pool. At the end of each year, any money left over in the pool, after claims and expenses have been paid, is donated to non-profit organizations chosen by the customers. This model is designed to eliminate the conflict of interest that arises when insurers profit more by paying out less in claims.

Founded in 2018 by actuaries Alex Thomson, Sumarie Greybe, and Ernest North, the platform leverages artificial intelligence and automation to streamline processes and enhance the customer experience. The company targets consumers looking for a more transparent and user-friendly insurance solution. By digitizing the entire value chain, Naked aims to reduce costs and pass the savings onto its customers through more competitive pricing.

Keywords: Digital insurance, insurtech, fixed-fee model, P2P insurance, AI-powered, car insurance, home insurance, mobile-first, claims processing, social impact