RMB Solutionist Thinking
RMB Solutionist Thinking - Bruce Whitfield, Alex Thomson and Sumarie Greybe

Tech-first, solutionist startup disrupts insurance industry

RMB Solutionist Thinking is a podcast series hosted by Bruce Whitfield which focusses on great South African minds thinking differently and going against the norm. In this episode in the second series, Whitfield interviews the co-founders of Naked, Alex Thomson and Sumarie Greybe.

“What we’ve seen in the industry is that there are significant trust issues in the current relationships between customers and their insurers."

When three actuaries realised that the valuable insurance insights they were offering their clients were getting caught in bureaucracy and politics, they broke away from their consulting roles and co-founded Naked – an insurance company stripped to its knickers of all the unnecessary stuff.

Now, the co-founding actuaries of the emerging insurtech startup – Alex Thomson, Ernest North and Sumarie Greybe – who worked with South Africa's leading insurers, are disrupting the South African car insurance industry with its future-facing, 'Solutionist Thinking' approach, to get around the challenges that almost every one of us loathes when it comes to insurance.

We saw that the local insurance market seemed to be slow at getting themselves ready for the digital age.

Sumarie Greybe, co-founder – Naked Insurance

Traditional paternalism out of the way, Naked is stripping down the current, inefficient insurance model to present its clients – the younger market – with a transparent, affordable AI-based car insurance with a conscience, at a click of a button.

Layer by layer, this innovative insurance startup has peeled away the aspects of the old, traditional insurance model that we hate so much – allowing clients to bypass the long, painful calls with call centre consultants, skip the paper work and through its anti-fraud artificial intelligence, clients can get their cars insured in less than 3 minutes via their smartphones.

It's important that South Africa support businesses that want to take certain industries into the digital age.

Sumarie Greybe, co-founder – Naked Insurance

In the case of an accident, clients can submit claims on the app by answering basic questions, uploading pictures and a video explaining what happened and, by engaging with its chatbot, Rose. Depending on the claim, clients could be notified instantly or within an hour whether a claim will be paid out.

In addition, Naked allows its clients to control their cover, which includes – pausing their car insurance when going on holiday or when they decide to switch to public transport to get to work, changing insurers or canceling cover whenever they want and, getting unused premiums refunded instantly.

To overcome the insurance industry's notorious reputation for rejecting claims to avoid pay-outs, Naked became the first and, only insurer in South Africa to strip down and forgo underwriting profits. But, if getting claims paid is how insurance brokers make their money – one might wonder how Naked stays afloat? Naked collects a fixed 20% portion of premiums to cover its costs and, to make some profit.

Focused on perfecting the model, Thomson believes that "there's going to be a significant change in the way that insurance works.”


Recommended

by NEWSROOM AI
Read More
Ermos Nicolaou: Solving problems in babies, even before they are born

Ermos Nicolaou: Solving problems in babies, even before they are born

Quite the unusual Solutionist Thinker, Professor Ermos Nicolaou solves problems that occur before babies are even born.

SA's digital footprint traces back to pioneer, Jason Xenopoulos

SA's digital footprint traces back to pioneer, Jason Xenopoulos

As one of the founding fathers of internet businesses in South Africa, Jason Xenopoulos’ digital rap sheet is longer than most.

Like her wines, this winemaker has flourished in some tough conditions

Like her wines, this winemaker has flourished in some tough conditions

When the story of the winemaker can add as much to wine, as the origin of the grape.

To this solutionist thinker, all-access means success

To this solutionist thinker, all-access means success

William Mapham pioneered Vula Mobile, the app that links healthcare workers with on-call medical and surgical specialists.

Meet the technologist disrupting the freight industry

Meet the technologist disrupting the freight industry

Meet Benji Coetzee, a tech disruptor transforming the face of the male-dominated freight transport industry.

There's a medal haul coming in Tokyo, if this coach has anything to do with it

There's a medal haul coming in Tokyo, if this coach has anything to do with it

Rowing coach Roger Barrow shares his love for winning - especially against better-resourced teams.

Popular articles
'If you still have a job, get rid of your debt as fast as you can'

'If you still have a job, get rid of your debt as fast as you can'

Personal finance expert Warren Ingram has advice on how to survive – or even thrive – amidst the Covid-19 outbreak.

Covid-19: Struggling to pay - or collect - the rent?

Covid-19: Struggling to pay - or collect - the rent?

The Money Show's Bruce Whitfield interviews property lawyer Julian Scher about rental payment problems caused by Covid-19.

COVID-19 infections jump to 1,462 - Mkhize

COVID-19 infections jump to 1,462 - Mkhize

He made the announcement on Thursday evening in Bloemfontein.

Black dog syndrome: #ThePawcast's Lauren Palmer explores the phenomenon

Black dog syndrome: #ThePawcast's Lauren Palmer explores the phenomenon

Black Dog Syndrome is a phenomenon in which black dogs are passed over for adoption in favour of lighter-coloured dogs.

Eskom is making the best use of the crisis - André de Ruyter, CEO

Eskom is making the best use of the crisis - André de Ruyter, CEO

The Money Show’s Bruce Whitfield interviews Eskom CEO André de Ruyter about the utility’s plans during the Covid-19 lockdown.

'Thousands of ordinary South Africans have contributed to the Solidarity Fund'

'Thousands of ordinary South Africans have contributed to the Solidarity Fund'

It's an enormous humanitarian effort. Bruce Whitfield interviews Dr Adrian Enthoven, Deputy Chairperson at the Solidarity Fund.

Doctors launch helpline to provide free medical advice to South Africans

Doctors launch helpline to provide free medical advice to South Africans

Head of the KZN Doctors Healthcare Coalition Professor Morgan Chetty has more details on the national medical support hotline.

Website for a good cause wants you to participate in virtual volunteering

Website for a good cause wants you to participate in virtual volunteering

Forgood.co.za, which connects people to causes around the country, suggests ways that you can help.

Free service to tackle human resource queries during the COVID-19 lockdown

Free service to tackle human resource queries during the COVID-19 lockdown

Strata-G Labour Solutions is offering a free hotline for employers to get clarity on HR-related matters during the lockdown.

Duduza Clinic nurse tests positive for COVID-19, other nurses awaiting results

Duduza Clinic nurse tests positive for COVID-19, other nurses awaiting results

Mayor of Ekurhuleni spokesperson Phakamile Mbengashe says they have deployed two mobile clinics to the area.