In recent years, companies have been using technology to facilitate access to several services. Insurance companies are no exception to the rule. They leverage digital tools to create solutions tailored to the needs of their target populations. 

Naked is an insurtech solution developed by a South African start-up. It allows users to access tailor-made insurance for their cars, homes, or personal properties. The Johannesburg-based startup behind the solution was founded in 2016 by Sumarie Greybe, Alex Thomson, and Ernest North. Since its launch, it has raised about $27.6 million to improve its technology and expand into new markets.

The insuretech solution wants to make insurance more accessible and convenient, by using AI. To achieve its goal, it has set up a mobile app available for iOS and Android users.  Thanks to its conversational agent, it helps users opt for the policies most suited to their needs. 

Once they select the policies they want, they are shown the subscriptions to pay. "...We use AI (rather than brokers and call centers) to run and manage your policy, these cost savings are directly passed on − meaning lower premiums for you," the platform reads. 

Apart from Rose, the conversational agent that helps select the most suited policies,  the solution also has other conversational agents that intervene in specific situations. For example, for claims, the user will interact with Jade. "For normal claims, Jade, our Naked claims chatbot, guides you through the simple process and will ask you a few questions. It can approve some claims instantly. For others, someone will call you back for more details," the platform explains. 

With its promptness and efficiency, Naked has convinced many South Africans. The Android version of its mobile app has been downloaded over a hundred thousand times. In 2019, it won the App of the Year award at an event organized by the telecom operator MTN.

Adoni Conrad Quenum