Hollard, Yellowwoods invests R20m in SA insurtech Naked

Hollard insurance group announced today that together with private investment group Yellowwoods, it has invested in South African insurtech startup Naked to the tune of R20-million.

The insurance group said in a press release from Hollard said the startup — which is set to enter the market in the first quarter of 2018 — aims to transform the insurance business model to give customers a faster, fairer and more flexible insurance experience.

The startup is being led by actuaries Alex Thomson and Sumarié Greybe (pictured above), formerly partners in EY’s insurance advisory business, who have spent the last decade advising many of South Africa’s largest insurance groups.

Naked is being led by actuaries Alex Thomson and Sumarié Greybe (pictured above), formerly partners in EY’s insurance advisory business

Hollard said Naked Insurance will have “absolute customer empowerment and control at the centre of everything it does”. The only thing it will retain from the existing insurance model is that its customers are covered. Everything else will be different, it said.

“The only way to do things differently was to get out of the system, start from scratch, and build a business model and technology to deliver a new generation of insurance,” added Thomson.

Naked also revealed that it has appointed outgoing Hollard group CEO Nic Kohler to its board of directors. “Considering the Naked team’s years of first-hand experience and their sincere drive to reinvent insurance, I’m confident they will do exactly that,” Kohler says.

Featured image: Naked founders Alex Thomson and Sumarié Greybe (Supplied)