April 23, 2024

Launched in 2018 by actuaries Alex Thomson, Sumarie Greybe, and Ernest North, Naked Insurance has built an end-to-end digital platform that enables customers to manage their entire insurance experience online from an app. 

Its platform offers comprehensive and instant cover for cars, homes, contents, and standalone items, using AI and automation to create a new type of insurance experience. 

Consumers benefit from lower costs as well as more control of their insurance experience. 

They can get a final insurance quote in less than 90 seconds, and switch or pause their cover, all online, without speaking to a contact center agent. 

Naked’s product offering is an artificial intelligence-based end-to-end digital platform that enables customers to manage their entire insurance experience online.

 From getting a quote and buying insurance to managing their policy and claiming, Naked customers can do it all without speaking to a contact center agent.

The startup claims that apart from offering convenience, the system enables the company to reap significant cost savings from automation and pass them on to customers in the form of lower premiums. 

Additionally, Naked claims that its business model, in contrast to the traditional model where insurers’ profits depend on how much they pay in claims, Naked charges a fixed percentage of customers’ premiums.

In years when claims are lower than expected, the surplus goes to communities and good causes chosen by customers.

Naked called the initiative the “Naked Difference” and alludes to the fact that it removes the conflict of interest at the heart of traditional insurance from Naked’s business model as it means Naked is not thinking about profits when it processes claims.

How it Works


You can get in touch with our team on the Naked app. Look for the ‘?’ button at the bottom of the app. 

Otherwise, just pop us an email at [email protected] and their team will assist you right away.

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Additionally, you can purchase a policy from us via the website or the app. If you buy on the web, you will need to download the app to submit a selfie of your stuff. 

The app is where you can find other cool things like CoverPause and their referral program. It’s also the place where you manage your policy, call for a tow truck, or submit a claim.


Your excess is the amount that will come out of your pocket when you make a claim.

When you buy a policy you choose your excess for if you should claim. For example, if you have an approved claim of R100,000 and your excess is R5,000, you will pay R5,000 and they will pay R95,000.

However, when you change your excess your premium will change too. The higher your excess, the lower your insurance premium will be, and vice versa.

If you pause your accident cover, your premium will drop. The pro rata amount is then refunded or collected from your bank account. Once you resume your accident cover, your full comprehensive premium will reflect on the app.

Home Emergency

If you think anything covered under your Naked policy might be in danger of being damaged or stolen, you can contact us for immediate assistance. 

For example, if your geyser bursts in the middle of the night and floods your living room, get in touch straight away. 

Roadside Emergency

If you run out of fuel, lock your keys in the boot or have a flat tire that leaves you and your car stranded.

Credit Score

Once you have done your first quote with Naked, they cache your credit score. This means that you can do multiple quotes and it will not affect your credit score.

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Naked Premiums

Their premiums are so low because of technology. Their automated self-service system allows you to get a final quote, buy your policy, and even process some claims without any interference from them.

They use tech and AI rather than call centers or brokers to run and manage your policy. 

This means fewer costs for them, which translates into lower premiums for you. Not only is this more convenient, but it’s also more efficient.

Their AI and tech allow clients to quote, buy and claim on the Naked web or app.


You can get your unique referral link directly from the Naked app and share it with your friends via social media and/or WhatsApp.

 Naked pays you for every person who buys cover from them, assuming their first visit to Naked’s website or first completed quote was via your unique link. 

The sale is allocated to you even if the person does not accept the quote immediately, but only at a later stage.

Your referral fee depends on the average value of your referred friend(s) monthly premium during their first three months at Naked (i.e., if they insure multiple cars you qualify for a bigger reward). 

The payment requires your referred friend to have their Naked policy active for at least three months and the final value of the reward is allocated to your account at the end of their first three full calendar months with them.

Naked Difference

The Naked Difference ensures that when claims are lower than expected, they don’t benefit – their clients’ causes do. 

They take a flat fee off their premiums and put the rest aside to pay claims.

 If there are fewer claims than they expect, they donate the excess money to causes chosen by their clients instead of keeping it as profit. 

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Their income does not depend on how much they pay out in claims, meaning they can focus on providing great insurance to their clients as well as making a positive difference in their communities.


Alex Thomson

alex thomson

Alex Thomson is the Co-founder at Naked Insurance. 

Additionally, Alex Thomson has had one past job as the Director (Partner) at Ernst and Young.

Sumarie Greybe

Sumarie Greybe

Ms. Sumarie Greybe serves as Co-Founder at Naked Insurance. 

Ms. Greybe previously served as a Former Member of the Actuarial Committee at MMI Holdings Limited.

Investors & Funding Rounds

Naspers Foundry, Yellowwoods, Hollard

Naked has raised $11 million in a Naspers-led round. Existing investors Yellowwoods and Hollard also participated in the funding round.

This comes after Naspers, via its early-stage tech investment vehicle Naspers Foundry, invested in another South African insure-tech platform, Ctrl, in its $2.3 million round.

Naked’s latest investment is a Series A round. Naspers Foundry invested $8.3 million as the lead investor, the largest the Naspers investment vehicle has made so far.

Naked has also raised a $17 million Series B round led by the International Financing Corporation (IFC). 

The German Development Finance Institution (DEG), and Naked’s original investors, Yellowwoods and Hollard are also taking part in the funding round.

This investment validates the company’s position as a pioneer of fully digital insurance in South Africa and will enable them to grow its team, continue to invest in technology that puts customers in control, and expand into new markets.

Main Competitors

Dinghy: This is a UK-based insurance tech startup.

MyHealthMath: It is an insurance tech startup emerging from stealth mode.

Undo: They use artificial intelligence to tailor the right insurance to you. 


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