Naked, an AI insurance start-up, gets a R30 million investment

The company plans to grow its team and expand its operations.

Naked, an artificial intelligence (AI)-driven car insurance provider, said it received an additional R30 million investment from its founder investors, Yellowwoods and Hollard Insurance.

The company will use the investment to grow its team, grow its customer acquisition and into new product lines.

“We are proud to receive this vote in confidence from our investors and look forward to rolling out new products in response to customer demand,” said Naked co-founder, Alex Thomson.

Naked, which was co-founded by actuaries Alex, Sumarie Greybe, and Ernest North, uses AI and automation to lower costs, put customers in control of their insurance experience, reduce fraud and enhance insurance as a social good.

Its services are premised on customers being able to get a car insurance quote in less than 90 seconds without speaking to a contact centre agent.