Naked

Naked is a direct-to-consumer digital insurance carrier based in Johannesburg, South Africa, offering personal lines coverage -- car, home contents, building, single items/valuables, and caravans -- exclusively through its mobile app and website. Founded in 2018 by actuaries Alex Thomson, Sumarie Greybe, and Ernest North (all formerly of Ernst & Young), the company operates as an authorised Financial Services Provider (FSP 48822) licensed by the FSCA, with policies underwritten by Hollard Specialist Insurance Limited through a cell captive arrangement.

The company's technology stack enables customers to obtain a binding quote in under 90 seconds and submit claims in approximately 15 minutes, with no human interaction required at any stage. Its AI chatbot "Rose" handles quoting and customer queries. A CoverPause feature allows car insurance customers to pause accident cover when not driving, reducing premiums by up to 50%. In May 2026, Naked became the first insurer worldwide to deliver a final, binding car insurance quote through a native ChatGPT app, connecting directly to its live underwriting and rating engine.

Naked uses a fixed-fee business model: the company takes a predetermined fee from collected premiums, and any unclaimed funds at year-end are donated to customer-chosen non-profits and charities. This structure removes the traditional incentive for insurers to deny claims. Naked has raised approximately USD 65M in total funding, including a USD 38M Series B2 round in January 2025 -- the largest insurtech investment in Africa to date -- led by BlueOrchard with participation from IFC, Hollard, Yellowwoods, and DEG.