Local artificial Intelligence (AI) based Insurtech Naked says technology has resulted in its gaining market share just over a year after it went live. Naked launched in April 2018 with an AI based car Insurance offering.
The company says it aims to give Customers a faster, fairer and more flexible Insurance experience.
The company claims its care Insurance offering is built on three core principles to Ensure a fair and transparent Insurance process for Customers. To put them firmly in control of their Insurance experience and to use AI and automation to lower costs.
The Start-up was co-founded by actuaries Sumarie Greybe, Alex Thomson and Ernest North who all have worked with some leading companies in South Africa. Naked’s income doesn’t depend on whether claims are paid or not. This business model resolves the inherent conflict of interest in traditional Insurance