By: Sumarie Greybe & Ernest North of Naked Insurance
Lots of talk about insurtech. What does it mean?
We are excited about using cutting edge technology to rebuild insurance end-to-end, relentlessly pursuing ways to improve customer outcomes. For us, at Naked, this means:
- Technology enabling a new generation of customer experience: convenience, ease of use, and customer control, at the click of a button. For example, Instant CoverPause™ allows users to reduce their cover with one click when the car is not being used, reducing their premium instantly.
- Technology dramatically reducing the cost of delivering insurance, and ultimately how much the consumer pays. For example, Naked’s standalone third party only policies start at only R42pm for R5million cover (with zero excess), because there is no overhead involved in selling or administering the business.
- Technology enabling levels of transparency that were previously unthinkable in an industry commonly regarded as a black box.
- A belief that this transparency will help redefine the relationship of insurance, changing it dramatically from what people knew in the past.
Because Naked pays all surplus underwriting profit to Causes that customers care about, we look forward to pleasantly surprising users with our authenticity in helping them have the right cover. Without the claims-linked profit incentives of conventional insurers, we have no agendas and no reasons to make it extra hard to claim.
Over time, we expect lower levels of fraud (through our advanced AI, and how people engage with an organisation they know is not purely profit-driven), ultimately reducing premiums.
Watch Sumarie & Ernest’s presentation at COVER’s insurtech conference