Naked has announced that customers can now purchase cover for single items straight from its app. Photo: Supplied
Naked has announced that customers can now purchase cover for single items straight from its app. Photo: Supplied

Naked customers can now insure standalone items

By Dhivana Rajgopaul Time of article published Feb 24, 2020

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DURBAN – Naked has announced that customers can now purchase cover for single items straight from its app. 

Naked is South Africa's first end-to-end artificial intelligence-driven insurance platform. 

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. 

Consumers can get a quote in seconds and sign up for cover of valuables such as cameras, smartphones, laptops, sunglasses, sports equipment and guitars instantly. 

They can add or remove items and adjust excess values for each items in real-time to see how it will affect their premiums.

The process is completely digital and once a customer has signed up and purchased cover on the app they need to take and load a few pictures together with a short description of the item to complete the transaction.

The 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," said Ernest North, co-founder at Naked.

The single item cover from Naked covers the customer's stuff even when in transit, used for business or used outside the home. 

Customers 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. 

Naked's AI fraud analytics fast-track the majority of claims, so that people who pass the automated fraud analytics can receive instant approval for payout of the claim or the replacement or repair of their item.

The home insurance products are built on Naked's digital systems and processes. Because it does not run legacy systems or manage a large call centre infrastructure, Naked can pass significant premium savings onto to its customers. This automated process and an easy cancellation process means customers can be confident that they are always charged a fair premium.

Naked's comprehensive product range now spans car insurance, the new insurance for single items and the newly launched home insurance. 

The home insurance product includes home cover (building insurance up to R10 million) and contents insurance (up to R2.5 million). The new offerings leverage Naked’s completely automated, front-office to back-office, processes to enable consumers to purchase cover through the mobile app within seconds.

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 which was officially launched in 2018 by actuaries Sumarie Greybe, Alex Thomson and Ernest North was named the 2019 MTN Business App of the Year.

BUSINESS REPORT ONLINE

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