With Naked Insurance it is possible to only pay when you are using your vehicle and the prices are the lowest of the South African market.
Naked Insurance has been impressing the insurance industry some time ago with their new technology tactics to survive the already visible financial consequences of the coronavirus pandemic.
The implementation of new technologies such as automation and artificial intelligence (AI) has led Naked Insurance to rank as one of the most convenient insurers in the South African insurance market.
“We were determined to deliver something fundamentally different, and it was technology that inspired us to take a new view on insurance,” Ernest North, co-founder of Naked Insurance said.
This "new vision" of Naked Insurance has not only helped clients but has also benefited the company itself in dealing with the negative impact that the coronavirus pandemic has had on the South African economy.
Last year, Naked Insurance won the MTN Business App of the Year Awards 2019. Which it is not a small victory, since nowadays the presence in digital media is more than essential to be able to survive these technology times.
North said “At the base of Naked Insurance’s growth and success is the use of bots and systems that can deliver insurance options to prospective customers – in 90 seconds. The process of getting cover can be completed within just three minutes. Cover is also customisable, and many customers have been able to save up to 90% on premium costs during lockdown.”
“We were determined to deliver something fundamentally different, and it was technology that inspired us to take a new view on insurance,” says North.
“Traditional insurers, even those with some digital tools, mainly interact with clients through human intervention. The solution that we created was an app that allows automation to undertake end-to-end interaction with customers. This interaction includes quoting, the selection and buying process, making changes to policies and facilitating the claims process.”
Apart from technology, one of the main characteristics of why many South Africans choose Naked Insurance as their vehicle insurance is that it has the lowest and more economical policies on the market.
The new implementation of the artificial intelligence system allows the administration of policies through technology, leaving call centers and brokers behind. This new way of operating is what allows the company to reduce expenses and consequently the fact that premiums can below.
Premiums for vehicles go from R180 per month while insurance for your home can be as low as R43 per month.
Users of Naked Insurance app can perform real-time changes in their insurance policy. The app also includes an option called “CoverPause” that is very useful when you are no longer driving for a period of time or when you leave your car parked at home. If you use this option, you are no longer covered for accidents but you still have coverage for theft or for anything else that may happen to your vehicle while it is parked.
Records show that for the first 35 days of the national lockdown, 46% of South Africans have used the CoverPause option and they could recover 90% on premiums costs of their usual level.
Naked Insurance seems to understand well how to adapt to new changes and new challenges. “The face of business is changing rapidly. Customers are driving this change by expecting to be able to interact with providers and the products they use. Flexibility, immediacy, and simplicity are becoming non-negotiable. Delivering on these expectations means going digital.” said North.
