Naked Financial Technology
| Naked | |
| Privately held company | |
| ISIN | 🆔 |
| Industry | Financial Services |
| Founded 📆 | November 2016 |
| Founder 👔 | |
| Headquarters 🏙️ | Johannesburg |
Area served 🗺️ | |
Key people | Alex Thomson, Sumarié Greybe, Ernest North |
| Products 📟 | |
| Services | Insurance |
| Members | |
Number of employees | |
| 🌐 Website | www.naked.insure |
| 📇 Address | |
| 📞 telephone | |
Naked Financial Technology, also commonly referred to as Naked, is a financial services provider. Naked was formed in 2016 as an unlisted private company with headquarters in Johannesburg, South Africa.
Naked is South Africa’s first fully digital insurance platform[1], offering comprehensive cover for cars, homes, home contents, and standalone items. Naked makes extensive use of Artificial Intelligence automation.
History
Naked was founded in 2016 by short-term insurance actuaries Alex Thomson, Sumarié Greybe, and Ernest North. In November 2016, Naked raised USD 1.3m in seed funding[2] from Hollard, South Africa’s largest privately-owned insurance group, and Yellowwoods Venture Investments.
Naked launched its car insurance product to the public in 2018. Naked raised seed extension funding worth USD 2 million from Hollard and Yellowwoods in late 2019.
Naked launched home contents, building and single item insurance in January 2020.
In 2021, Naked closed a USD 10 million Series A[3][4][5] funding round, led by Naspers Foundry along with existing investors Yellowwoods and Hollard. The funding round was Naspers Foundry’s second Insurtech investment and its largest single investment at that point.
Business model
Naked’s fixed fee business model differs from traditional insurance providers in the sense that a fixed management fee is charged on each premium, with all unused premium following claims payments going to selected causes under the Naked Difference[6], rather than to shareholders. This business model is designed to reduce the conflicts of interest inherent in traditional insurance.
Causes currently part of the Naked Difference[7][8][9] include Christel House South Africa[10], Cotlands, Door of Hope, Oscars Arc, Living Legends, Greenpop, TEARS, CHOC, the Beach Co-op, JAM, Surfpop, the Kolisi Foundation, Baby Box and Jozi Trails.
Awards
Naked won the MTN App of the Year[11] and Best Financial Solution app awards on 24 October 2019.
References
- ↑ "SA's first digital-only insurers already spreading their wings". BusinessLIVE. Retrieved 2021-11-22.
- ↑ "Hollard, Yellowwoods invests R20m in SA insurtech Naked". Ventureburn. 2017-10-26. Retrieved 2021-11-22.
- ↑ Writer, Staff. "Naspers Foundry leads R160 million investment in insurtech firm, Naked". Retrieved 2021-11-22.
- ↑ "Naspers leads $11M investment in South African insurtech Naked". TechCrunch. Retrieved 2021-11-22.
- ↑ "Naspers Foundry invests R120m in Naked". www.iol.co.za. Retrieved 2021-11-22.
- ↑ "Naked Difference - making insurance transparent | Naked Insurance". www.naked.insure. Retrieved 2021-11-22.
- ↑ "7 new causes to benefit from the Naked Difference". www.naked.insure. Retrieved 2021-11-22.
- ↑ "7 new causes to benefit from the Naked Difference". COVER Magazine. 2021-11-18. Retrieved 2021-11-22.
- ↑ "Naked Insurance - What's That?". The Home Of Great South African News. 2020-10-16. Retrieved 2021-11-22.
- ↑ "https://twitter.com/christelhousesa/status/1324676076493328384". Twitter. Retrieved 2021-11-22. External link in
|title=(help) - ↑ Mano, Simnikiwe Mzekandaba, Lebone (2019-10-25). "Naked Insurance wins MTN App of the Year". ITWeb. Retrieved 2021-11-22.
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