Naked, the AI-driven car insurance provider, has introduced a new feature that lets car buyers generate a proof of insurance certificate for their car financing company in a matter of minutes.

This innovation means that someone buying a vehicle on financing can get it insured in as little as five minutes, from getting a final online quote from Naked to presenting the certificate to the dealer so that they take possession of their shiny new car.

With Naked, customers can go online and get a final car insurance quote in less than 90 seconds, even while they’re sitting at the dealer to finalise the paperwork for their car. Once the customer has accepted the quote, they can generate the proof of insurance by using Naked’s mobile app to scan the car’s licence disc.

The 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.

Ernest North, co-founder at Naked said, "In the past, getting insurance for the new car you purchased could take anything from two hours to a full day. You would need to spend at least 40 minutes on the phone getting a quote, and perhaps as much time chasing and waiting for your proof of insurance certificate". 

North added, "You would also need to drive your car to an authorised inspection centre, so that someone could check the car on behalf of your insurer. We have turned this whole process into an exercise that can take as little as five minutes, removing much of the friction in insuring a newly purchased vehicle". 

A Twitter poll by personal finance blogger Brendan Dale from Take Charge of Your Money found that nearly half of the respondents expected that it would take a day or more to get a final quote for insurance, get proof of insurance and complete the inspection. This illustrates just how much time and effort it can take to get car insurance.

Once the car is insured, Naked makes it easy for customers to make changes or submit claims. Customers simply use the Naked mobile app – available for Apple iOS and Android – to manage their policies and claim after an accident.

The app includes functionality such as Naked CoverPause, a world-first for car insurance which gives customers the ability to pause their accident cover if the car won’t be used for a day or more– instantly reducing the premium for that time.

The use of AI and automation to drive Naked’s business process not only puts customers in control of their insurance experience, but also lowers the company’s operating costs so that it can offer lower premiums.

PERSONAL FINANCE