Africa’s insurance industry is buzzing with excitement, thanks to groundbreaking platforms and savvy investors shaking things up. Take Naked, for example – South Africa’s first fully digital insurance platform. With a fresh $4 million equity capital boost from the German development finance institution DEG, Naked is poised to make waves. And that’s just the tip of the iceberg in a $38 million financing round featuring global impact investor BlueOrchard and other heavyweights like IFC, Yellowwoods, and Hollard.
So, what’s all this money going to do? Think bigger and better! Naked is gearing up to supercharge its automation and AI capabilities, dream up exciting new products, and dive into untapped markets. Plus, they’re rolling out some clever advertising strategies to win over more customers. DEG, an early believer since 2023, sees a bright future here.
“Improved access to insurance is a game-changer for financial transformation and inclusion in South Africa,” says Monika Beck from DEG’s management board. “With Naked, we’re backing a trailblazer making insurance easier, cheaper, and more transparent. This is how we help tech-driven solutions take root and grow in South Africa’s dynamic market.”
Born in 2018, Naked is the brainchild of actuaries Alex Thomson, Sumarié Greybe, and Ernest North. Their mission? To flip the insurance game on its head. Naked’s AI-powered app makes the process ridiculously easy – from getting a quote and signing up to managing policies and filing claims. Want to insure your car, home, or prized possessions? It’s all just a few taps away.
Alex Thomson, co-founder of Naked, can barely contain his excitement: “This investment is a huge win for us as we redefine what insurance can be. It’s a big thumbs-up from our loyal backers and our newest investor, BlueOrchard. With their support, we’re making insurance more accessible and downright convenient. With our tech and a community that believes in us, the future’s looking bright!”
Naked isn’t just another insurance company; it’s a beacon of what’s possible when tech meets tenacity. As platforms like this take root, Africa’s insurance landscape is getting a much-needed facelift. The result? More people covered, more transparency, and a big boost for economic growth.
But let’s not stop here. This is just the beginning. By embracing innovation and teaming up, the insurance sector can break new ground and unlock opportunities across the continent. With trailblazers like Naked leading the charge, the future’s looking brighter than ever. Cheers to a more inclusive and prosperous Africa!
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