A new approach addresses the negative reputation of the insurance industry.
Growing awareness of the way in which digital technology will shape the future led to three actuaries, Alex Thomson, Ernest North, and Sumarie Greybe, starting Naked Insurance in November 2016.
“We initially thought of changing the industry from within. But over time we realised the whole system needed an overhaul – which is easier with a new company than one entrenched in years of doing things in a specific way,” Thomson says.
Naked is on the fringe of the tech revolution, with the company using automation, artificial intelligence and chat bots to cut costs and improve industry efficiency. Anti-fraud artificial intelligence allows prospective clients to sign up, receive quotes and get cover in a matter of minutes. Claims are submitted via the company’s app by merely engaging with the chat bot and uploading a video in which the cause of damage is explained, along with a photo of the damage. Claimants are typically notified within an hour or two whether a claim will be paid or not.
The CoverPause option on the app allows clients to pause and activate accident cover if their cars are not in use for a day or more, which translates into an immediate partial premium refund.
A new approach
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