Insurance Made Better by Naked

Naked Insurance, which announced a ~$1.5M seed funding from Hollard and Yellowwoods last year, is now live with its AI-based car insurance offering. In theory, a user can purchase auto insurance underwritten by Hollard via a chatbot called Rose:

Also, policyholders can adjust coverage or cancel coverage anytime via an app, claims can be approved in seconds and there’s the Naked Giveback: “Unlike other insurance, we charge a flat 20% of your premiums to do everything. No hidden fees or hidden agendas (that’s why we’re called Naked!). Our flat fee means that our income doesn’t depend on how much we pay out in claims, so we have no reason to make claiming difficult. When claims are low, premiums left over at the end of the year go to causes you care about, supporting positive change in South African communities, rather than growing insurance company profits.”

Bottom Line: heard that before. Have a look at digital broker Huddle, the other company that’s part of Hollard’s portfolio: