Naked Insurance, a start-up founded by experienced entrepreneurs, is the first operational insurer in South Africa to eliminate operating profits through an innovative company structure. According to co-founder Alex Thomson, this structure solves the “conflict of interest” that is often present in insurance companies. Their key product line focuses on high-risk properties such as mansions and farms, commercial and residential buildings, and even farmlands. Through partnerships with international banks and funds management companies, Naked Insurance can offer better mortgage rates for its customers while reducing their own costs.
The company has also diversified into other areas such as life and disability cover, home and pet insurance, travel insurance, car insurance – all of which are managed through an integrated database management system that allows clients to submit claims from anywhere in the world with access to advice from experts if necessary. In addition to this service is their claims monitoring program set for launch next month which will trace claim origins; determine value; take corrective action if needed. Furthermore they have plans of expanding further into other parts of the industry in due time.
Currently funded solely by private investors without any capital funding yet secured, Naked Insurance has more than 100 agents across South Africa including presence in Durban and Cape Town suburbs (as most short term insurers focus on urban areas). Following multi-line selling techniques along with a single-line application designed for fast processing times compared to conventional policies – offering discounts alongside quick customer support – makes it very popular amongst business owners hoping for a swift process when dealing with property or casualty cases.
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