By combining cutting-edge technology and philanthropy, the entrepreneur is revolutionizing not only the insurance industry but also the way surplus funds are used to support important causes.

Sumarie Greybe (photo), a South African insurance actuary, co-founded Naked Insurance in 2016 with partners Alex Thomson and Ernest North. The company, which leverages artificial intelligence, aims to revolutionize the insurance sector by offering a fully digital process, from underwriting to claims, to customers. Quotes can be obtained in 90 seconds, and customers can underwrite instantly without speaking to an agent.

Naked Insurance's liability insurance starts at ZAR 50 (approximately $2.50), which is several times cheaper than plans offered by other insurers, according to Greybe. The company is structured to redistribute surplus funds, resulting from claims payments below annual forecasts, to causes selected by customers, encompassing a wide range of initiatives, from early childhood development programs to efforts to improve animal welfare.

Greybe, who graduated from the University of Pretoria with a Bachelor's degree in Actuarial Science in 1994, built a career as one of South Africa's leading short-term insurance actuaries. She served as actuarial advisor to many of South Africa's large insurers before co-founding Naked Insurance. In 2011, Greybe's firm, Quindiem Consulting, was acquired by EY, where she became a partner and head of EY Africa's Actuarial Services Short Term Insurance Practice.

Naked Insurance's customer-centric focus and commitment to sustainability are key to its success. The company's approach to philanthropy aligns with its mission to improve the community and the environment. By returning excess funds to causes chosen by customers, Naked Insurance aims to foster a sense of shared purpose and responsibility.

Melchior Koba