Naked Insurance
Category: AI in Fintech
AI-powered, 100% digital insurance platform in South Africa offering instant car, home, building and single-item cover via app. Naked Insurance was founded in 2016. The company is led by Alex Thomson. Based in Johannesburg, South Africa. Team size: 101-500. Total funding raised: $68M. Latest round: Series B. Key investors include Naspers Foundry, Yellowwoods, Hollard, International Finance Corporation (IFC), DEG, BlueOrchard Finance.
- Founded
- 2016
- Headquarters
- Johannesburg, South Africa
- Team size
- 101-500
- Total funding
- $68M
Value proposition
Fully digital, AI-driven quoting and claims (via AI agents 'Rose' and 'Jade') that cuts overhead versus traditional insurers, passing savings to customers as lower premiums with a flat-fee 'Fairshare' model.
Products and solutions
Car insurance, home/building insurance, contents/single-item insurance, pet insurance, phone insurance, caravan & trailer insurance — all quoted and claimed through app/website using AI chatbots.
Unique value
Instant AI-generated quotes with no phone calls, claims processed in record time via app, and a transparent flat-fee model where leftover pooled premiums are donated to customer-chosen causes (the 'Naked Difference').
Target customer
South African individual consumers seeking car, home, building, contents, pet and single-item insurance online.
Industries served
Insurance / Insurtech (Personal lines: motor, property, valuables)
Technology advantage
Proprietary AI/ML claims and underwriting engine (AI agents Rose for quoting, Jade for claims) enabling low operating costs and fast digital-first customer experience; world-first ChatGPT-native quoting app launched 2025-2026.
How they differentiate
Fully digital, no-call-center model with AI-driven claims/underwriting and a transparent flat-fee + surplus-donation structure, versus traditional broker/call-center-heavy incumbents.
Main competitors
Pineapple, OUTsurance, King Price / Auto & General
Key partnerships
Underwritten by Hollard Specialist Insurance Limited, backed by Naspers Foundry, International Finance Corporation (IFC), BlueOrchard Finance, OpenAI/ChatGPT integration partnership for instant quoting.
Major milestones
Founded 2016 by actuaries Alex Thomson, Sumarié Greybe, Ernest North, public launch 2018, Series A led by Naspers Foundry (2021), Series B led by IFC (2023), Series B2 R700M/$38M round (Jan 2025) — largest insurtech raise in Africa's sector history, launched world-first ChatGPT-native instant quoting app (2025-2026).
Growth metrics
USD 60M+ earned premiums in the twelve months to June 2026; ~100% CAGR gross written premiums 2020–2025 (BlueOrchard investor case study); largest African insurtech sector raise to date (Jan 2025 $38M Series B2).
Market positioning
Leading South African digital-first insurtech challenger, positioned against both legacy insurers (OUTsurance, King Price) and fellow insurtech peers (Pineapple) on tech-led affordability and transparency.
Geographic focus
South Africa (primary); pan-African/emerging market interest given DFI investor base (IFC, BlueOrchard).
About Alex Thomson
Fellow actuary (Institute of Actuaries / ASSA) and CFA; Swiss Re capital optimisation; founding partner & Joint MD Quindiem Consulting; Head of EY Africa Actuarial Services (2011–2016); co-founded Naked in 2016.
Latest news about Naked Insurance
More AI in Fintech companies
Official website: https://www.naked.insure
