Insurance has always been one of life’s great mysteries. Well, ‘great’ not so much, but definitely mysterious. The hidden costs. The Ts and Cs. The long phone calls. And why hasn’t anything changed in the last 20 years? All very mysterious indeed.
Insurtech startup Naked has changed all of this, with a purely digital insurance product that removes all the mystery and uncertainty we’ve come to expect from traditional insurance. By moving the entire buying journey online, Naked has stripped away the hassle that comes with doing insurance manually and over the phone.
A slick, super fast digital experience puts the customer in the driver’s seat, giving you full control over every aspect of your cover from the moment you sign up. During the quote process you can experiment with different excess amounts to see how they affect your premium. You can also set the start date to anytime in the future. Once you are happy with your quote, you enter your credit card number and complete the purchase on the spot. No call-backs and no waiting period. You are covered right then and there. But perhaps the most intriguing feature you’ll encounter during the sign up process is CancelAssist. As the name suggests, if you’re switching to Naked from any other insurer, Naked will help you get that done as painlessly as possible.
Once you get Naked, the joy of online insurance becomes even more evident. Any tweak or change you need to make is done via a few taps on the award-winning Naked app. Change your address? Tap tap. Add new covers? Tap tap. Adjust your excess or the value of insured items? Tap tap. And when you finally decide to cancel, you’ll be relieved to hear that with Naked there is no awkward break-up call. Like just about everything at Naked, cancellation is just a click away.
But it’s not just the super slick app and streamlined process that makes Naked… naked. There’s something happening behind the scenes that is far more important than the app and it’s nothing short of a complete overhaul of the insurance business model.
Let’s break it down: very simply, traditional insurance companies’ profit depends on how much they pay out in claims. Every single claim, and every Rand they either pay out or don’t, affects their bottom line. It’s a fundamental conflict of interest.
So how is Naked different? Naked has removed that link between company profits and customer claims. Instead of hanging onto as much of your money as possible, Naked only takes a flat fee, a fixed percentage of every premium you pay. The rest of the premium goes into the claims pot and unlike traditional insurers, anything left over in this pot is not considered profit. It’s paid to charities that Naked’s customers choose. It’s called the Naked Difference, and not only does it make a positive impact on local communities, it changes everything about the insurance relationship. It’s how you can be sure that Naked is on your side when you need to claim.
You’re probably thinking to yourself, Well this sounds great and all but how much is it going to cost me? Perhaps the most surprising thing about Naked isn’t the super fast sign up, the control you get with the app or even the revolutionary business model – it’s just how much money you stand to save. With the entire process being automated, Naked’s overheads are lower, which in turn makes your premiums lower. The absence of human intervention is also reassuring: there is no need to negotiate your premium with a call centre agent. There is only one price, the best price, and you get it right from the start. And if the low premiums weren’t enough, you can save even more on your car insurance when you’re not driving by using Naked’s CoverPause function. Working from home for a few days, or leaving your car at the airport while you go on holiday? Pause accident cover while you’re gone and save up to 50% of your premium. Don’t worry though, you are still covered for fire, theft, and Mother Nature.
With a 4.38* rating on Hellopeter, and already ranked among the top insurers in South Africa on the site, Naked’s reputation for a super efficient digital experience and outstanding customer service is cemented. Download the Naked app or get a quote online now and take the future of insurance for a spin.
