Denis Opudo
Naked Insurance managed to raise US$1.66 million funding in October last year. The amount came from privately owned insurance firm called Yellowwood in South Africa and Hollard. The startup received the funding before taking its products to the market. The startup has now launched new car insurance product in South Africa. This effort will enable customers to save on premium payments. It will also help in controlling their insurance policies.
The startup allows potentials customers to process their claim in approximately three minutes using Naked app or website. Additionally, existing clients can change their insurance cover at anytime anywhere online. Recently, the startups incorporated the AI-based algorithms technique. The technology allows customers to cut down the insurance cost. Other benefits entail approval of claims, time-saving and minimize inconveniences. The startup’s CoverPause app reduces the premium cost further. It allows customers to pause the insurance cover if the car is not in use.
According to co-founder of Naked Insurance, Alex Thomson, the startup alienated from scratch. It offers new generation services in the insurance industry in the country. He added that the core goal of the startup was to transform the insurance ecosystem. This was achieved by creating positive impacts on the customers and society at large. The company uses modern technology and improved market models strategies. The startup charges a fixed proportional premium for business operations. The company channels the accrued balances to cover claims. The remaining annual pool amounts support charitable nominations voted by customers.
