SA insurtech startup Naked launches new vehicle financing product

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South African AI-driven car insurance provider Naked has introduced a new feature that lets car buyers generate a proof of insurance certificate for their car financing company in a matter of minutes.

Naked launched to market in South Africa last year and raised ZAR30 million (US$2.2 million) in follow-on funding from existing investors Yellowwoods and Hollard in December to expand its operations and launch new products.

Its latest product means anyone buying a vehicle on financing can get it insured in as little as five minutes, from getting a final online quote from Naked to presenting the certificate to the dealer so that they take possession of their new car.

Once the customer has accepted the quote on the Naked platform, they can generate the proof of insurance by using Naked’s mobile app to scan the car’s licence disc. The app validates the car’s registration, vehicle identification number and other details, and the client can generate a PDF file for the bank with a press of a button. Customers can also capture a picture of the vehicle from the app rather than driving it to an inspection centre.

“In the past, getting insurance for the new car you purchased could take anything from two hours to a full day. You would need to spend at least 40 minutes on the phone getting a quote, and perhaps as much time chasing and waiting for your proof of insurance certificate,” said Ernest North, co-founder at Naked.

“You would also need to drive your car to an authorised inspection centre, so that someone could check the car on behalf of your insurer. We have turned this whole process into an exercise that can take as little as five minutes, removing much of the friction in insuring a newly purchased vehicle.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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