Last month local AI-backed insurance provider Naked expanded its portfolio of products from cars to household, and now the firm is adding another offering to the mix with cover for standalone items.

The new insurance product covers valuable items for theft, accidental damage and loss in South Africa and for up to six months of consecutive travel anywhere in the world.

With this latest addition, Naked’s product range now spans home cover, contents insurance, car insurance, and insurance for single items.

One of the big selling points for Naked is ease of use and speed of its service, with a quote being generated online in a short amount of time, allowing customers to sign up for cover of valuables such as cameras, smartphones, notebooks, sunglasses, sports and music equipment.

There is also a high degree of customisation available to customers, as they can add or remove items and adjust excess values for each item in real-time to see how it will affect their premiums.

All of this can be done digitally, with the added benefit of no contact with a call centre agent being required.

As example of the standalone offer available, Naked has outlined the following:

  • R2 500 headphones or sunglasses with a R500 excess for R45 per month
  • R8 000 notebook with a R1000 excess for R82 per month
  • R15 000 wedding ring with a R2 000 excess for R102 per month
  • R7 000 smartphone with a R1000 excess, for R91 per month
  • R3 600 surfboard with a R500 excess for R49 per month.

The insurance provider says this new product is especially well suited for those who want to cover one or two valuable items, but don’t want or need full home insurance.

“Single item cover from Naked also offers more choice to customers in markets where insurance is traditionally sold as a tick box option – for example, cover for an expensive new smartphone when you upgrade. It is easy to get a quote from Naked and the premium will typically be lower than buying insurance through the cellular dealer,” says co-founder Ernest North.

What makes Naked unique is that customers have the choice between purchasing home contents insurance (including specified valuables) – as they could from a conventional insurer – or purchasing cover for one or a few single items on a standalone basis. Not only does the efficiency of our automated process offer transparency and convenience to the customer, it also enables us to offer significantly lower premiums than what people are used to. Our goal is to make it simple for you to buy the exact right cover for your needs,” he concludes.

To find out more about Naked’s new cover, as well as its other options, head here.