South African Insurtech Startup Naked Raises USD 17 M Series B

South African artificial intelligence (AI)-driven insurtech company Naked, which offers a new, fully digital way for consumers to insure their cars, homes, and valuables, has raised USD 17 M in Series B funding to drive its growth. International Finance Corporation (IFC) is leading the funding round, which also includes the German Development Finance Institution (DEG) and Naked’s original investors Yellowwoods and Hollard.

 Naked has built an end-to-end digital platform that enables customers to manage their entire insurance experience online from an app. Its platform offers comprehensive and instant cover for cars, homes, contents, and standalone items, using AI and automation to create a new type of insurance experience. Consumers benefit from lower costs as well as more control of their insurance experience. They can get a final insurance quote in less than 90 seconds, and switch or pause their cover, all online, without speaking to a contact center agent.