Naked was launched in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North and is headquartered in South Africa. It operates a fully digital platform that leverages AI and automation to let customers obtain final quotes in under 90 seconds, buy cover online, submit claims, or pause accident coverage without any phone calls. The company is the only platform in South Africa selling 100% of its car, home, and single-item insurance policies online without human intervention. Its proprietary technology enhances risk selection and pricing, producing convenience and cost savings for users while supporting profitable unit economics. Naked’s "Naked Difference" business model takes a fixed percentage of premiums and donates any surplus from unclaimed funds to causes chosen by customers, removing conflicts of interest in claims handling. The company plans to deepen investment in automation and AI, expand products and markets, and increase advertising to grow its customer base while meeting regulatory capital requirements tied to rapid growth. Naked Insurance is a South African digital insurance platform that uses artificial intelligence to automate customer processes without contact-center agents. It offers coverage for cars, homes, contents and standalone items and charges a fixed percentage of customers' premiums; surpluses in lower-claim years go to communities and causes chosen by customers. The company says its technology and business model deliver cost savings that can be passed to customers through lower premiums. The pandemic has shifted how South African millennials buy insurance, increasing demand for online interactions, and Naked aims to leverage automation to reduce claims-journey costs by as much as 30%. The company plans to use new funding to improve its AI, grow its team and expand into new markets. Naked Insurance is a South African insurance startup founded in 2016 and launched in 2018 that offers car, home, renters, and single-item insurance. All of Naked's products are underwritten by Hollard and are sold and managed through the Naked app, where customers can purchase coverage and file claims. The company charges a flat fee upfront to cover running costs and profit, with the remainder used for claims; leftover premiums are paid to causes chosen by clients, a practice the company calls the “Naked Difference.” Naked employs around 39 people and operates in the same space as Pineapple and King Price. Financially, Naked raised $11 million in a round led by Naspers Foundry with participation from existing investors Yellowwoods and Hollard, bringing its total funding to $14.5 million. The company’s fee model is noted as similar to Lemonade’s. Naked Insurance is a South African insurtech providing AI-driven car insurance. Founded in October 2016 by Alex Thomson, Sumarié Greybe and Ernest North, the company launched its first product in April after about 18 months of development. Investors committed additional funding after the startup reported a strong first six months of trading and customer acquisition and retention rates that exceeded expectations. The company currently has 14 staff and plans to grow to around 20, adding data-science positions. Management intends to use the funding to expand the customer base and move into new short-term insurance product categories. Yellowwoods’ head of insurance said Naked helps deliver an improved customer experience and greater fairness for policyholders. Naked Insurance is developing a technology-driven insurance business model aimed at making obtaining insurance effortless, fair and transparent. The startup is led by actuaries Alex Thomson and Sumarié Greybe, formerly partners in EY’s insurance advisory business, who spent the past decade advising many of South Africa’s largest insurance groups. The founders say incumbents struggle to transform because of outdated business models and systems, and that the only way to do things differently was to start from scratch and build new business and technology. Naked has raised ZAR20 million (US$1.4 million) to support its plans. Hollard and private investment firm Yellowwoods participated in the round. The company plans to launch into the market early next year.

Total raised

$71M

Funding rounds

5

Latest round

Series B

Latest activity

Feb 2025