“Can a structurally unconflicted, AI-native digital insurer convert Africa's vastly underpenetrated short-term insurance market?”
Founded in 2018 by ex-Alexander Forbes/short-term insurance veterans, Naked launched as a fully digital, AI-powered personal lines insurer in South Africa, underwritten by Hollard. Its differentiator is a structural one — a flat-fee business model where leftover premiums fund customer-chosen causes, removing the conflict between insurer profit and claims payouts. The company has steadily expanded from car to home, contents, building, single-item, and pet insurance, and the 2025 $38M round positions it to deepen AI-driven underwriting and claims automation.
Naked Insurance was founded by Alex Thomson, Sumarie Greybe and Ernest North and is founded in 2018, headquartered in Johannesburg, South Africa.
Naked Insurance has raised ~$66M in total (latest round: $38M (2025)).
Get a read on where your own stack stands against Naked Insurance and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.