Naked Insurance launched back in early 2018, with the service provider touting an AI-driven solution which not only aimed to keep premiums as low as possible, but also removed many of the human elements to provide a seamless mobile experience for customers.
Specialising solely on car insurance at the time, now Naked has branched out and is offering home and home contents insurance.
“Customers can now get comprehensive, instant, and hassle-free cover for their home and the things they own through Naked’s completely automated digital process,” the company explained in a press release regarding the announcement.
Naked’s newly expanded product range now includes home cover (building insurance up to R10 million) and contents insurance (up to R2.5 million). The new offerings also leverage Naked’s completely automated, front-office to back-office, processes to enable consumers to purchase cover through the mobile app within seconds, the firm boasts.
To that end consumers can get a quote from Naked’s mobile chatbot, Rose, in 90 seconds and sign up for home and contents insurance in under three minutes via its dedicated mobile app. They can also claim from, manage, change and cancel their policies from the Naked app without the need to speak to a call centre agent, giving them unprecedented control, the company adds.
“Since we launched South Africa’s first AI-native car insurance product, many of our customers have asked when they would be able to insure their homes and possessions with us too,” says Ernest North, co-founder at Naked.
“Because it was always our plan to leverage our AI, automation and machine learning technology to offer a comprehensive product suite, we are excited to answer this request with our home and contents product range,” he adds.
One of the other key elements that Naked is punting for its offerings is ease of use. The firm says that because it does not run legacy systems or manage a large call centre infrastructure, it can pass significant premium savings onto to its customers.
Furthermore when customers get quotes for their homes, contents and portable possessions, they are able to see how the quote changes in real-time as they add or remove items or adjust the excess payment.
“Naked’s car insurance offering has enjoyed strong uptake among tech-savvy people who are looking for a more convenient, digital experience and more affordable premiums than they can get from traditional insurers,” North points out.
“Early user testing indicates that this same market will be among the most enthusiastic adopters of Naked’s home and contents cover. We look forward to bringing the transparency, fairness and value of our product to home insurance,” he concludes.