WATCH: SA's first AI insurer now offers home insurance
DURBAN - Naked, is building on its significant success in car insurance by bringing its next-generation insurance to the home insurance market. Naked is South Africa’s first end-to-end artificial intelligence-driven insurance platform.
Customers can now get instant cover for their home and the things they own through Naked’s automated digital process.
Naked’s comprehensive product range now 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.
We have EXCITING NEWS!— Naked_Insurance (@Naked_insurance) January 21, 2020
We've grown from car insurance into car AND home insurance! You can now insure everything you own in one place, on the Naked app. Rose is still there, so say hi and get a quote in 90 seconds! #NakedHome #CoveredbyNaked pic.twitter.com/tF2VuhPaSj
Consumers can get a quote from Naked’s friendly chatbot, Rose, in 90 seconds and sign up for home and contents insurance in under three minutes – completely online and with no need for a phone call. They can also claim from, manage, change and cancel their policies from the Naked app giving them unprecedented control.
"Since we launched South Africa’s first AI-native car insurance product, many of our customers have asked when they would be able to insure their homes and possessions with us too. Because it was always our plan to leverage our AI, automation and machine learning technology to offer a comprehensive product suite, we are excited to answer this request with our home and contents product range," said Ernest North, co-founder at Naked.
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.
The automated process and an easy cancellation process means customers can be confident that they are always charged a fair premium.
Naked fast-tracks the majority of claim payouts, for example, people who pass the automated fraud analytics receive near-instant approval for their replacement or repair of their property to commence. This technology makes it faster and easier for people to claim for damaged or stolen possessions.
Naked was officially launched in 2018 by actuaries Sumarie Greybe, Alex Thomson and Ernest North.
In 2019, the AI insurer introduced a new feature that lets car buyers generate a proof of insurance certificate for their car financing company in a matter of minutes.
To generate the certificate the Naked app validates the car’s registration, vehicle identification number and other details, and the client can generate a PDF file for the bank with a press of a button. Customers can also capture a picture of the vehicle from the app rather than driving it to an inspection centre.
Naked was also named the 2019 MTN Business App of the Year.
BUSINESS REPORT ONLINE