Streaming issues? Report here
Just the Hits generic CapeTalk Just the Hits generic CapeTalk
Just the Hits
10:00 - 11:00
volume_up
volume_mute

Up Next: Inside EWN
See full line-up
Just the Hits
10:00 - 11:00
Home
arrow_forward
MyMoney Online

Car insurance from R180 per month – and you don’t pay if you don’t drive

30 June 2020 8:03 PM

Meet Alex Thomson of Naked Insurance, a high-tech company with vastly lower operating costs than most traditional insurers.

Can Naked Insurance disrupt its industry in the way that, say, Capitec Bank disrupted banking?

Time will tell, but its offering is compelling, especially now as South Africa sinks into an economic depression.


Related article: You’re insured against Covid-19, not the lockdown – insurers to their clients


Image credit: www.facebook.com/NKD.insure/

Naked has vastly lower operating costs than most traditional insurers.

An artificially intelligent system manages policies, instead of call centres and brokers, thereby slashing expenses and enabling its low premiums.

Its car insurance premiums, for example, start at R180 per month while you can get home contents insurance for as little as R43 per month.

Naked Insurance allows you to pause your accident cover when you’re not driving – it calls this option “CoverPause”.

You’re still covered for theft or anything that happens to your car while parked.

During the first 35 days of the lockdown, 46% of cars that used CoverPause got 90% of their usual premium back.

The Money Show’s Bruce Whitfield interviewed Naked Insurance cofounder Alex Thomson.

The future of insurance will be defined by new entrants…

Alex Thomson, cofounder - Naked Insurance

There’s a lot you can do to make insurance better… A lot of people find insurance to be a horrible product… It feels that the insurance company is not on your side… Anxiety, when you want to claim, undermines the very idea of insurance…

Alex Thomson, cofounder - Naked Insurance

To get this right, you’ve got to keep it simple… Something you can fill in in seconds…

Alex Thomson, cofounder - Naked Insurance

With something as simple as car- or home insurance; there’s no problem with doing it yourself…

Alex Thomson, cofounder - Naked Insurance

Are you responsible? We can do [determine] that better… This is the wonder of artificial intelligence and data science… There are smart algorithms that can figure out crazy things…

Alex Thomson, cofounder - Naked Insurance

Claims in June have been a lot lower than before the crisis… There’s been a few people driving into the garage walls…

Alex Thomson, cofounder - Naked Insurance

If you genuinely forget [to turn off CoverPause], we’re pretty accommodating…

Alex Thomson, cofounder - Naked Insurance

We have plans to do so [expand internationally] …

Alex Thomson, cofounder - Naked Insurance

Listen to the interview in the audio below (clip will appear below this sentence within the next five minutes).


30 June 2020 8:03 PM

More from MyMoney Online

absajpg

Absa wins international award for its response to Covid-19

5 August 2020 11:38 AM

The bank is one of only six in the world to be recognised in this way for outstanding performance during the global health crisis.

Share this:
Read More arrow_forward

black-family-house-for-sale-sold-property-household-investment-bond-rent-123rf

Digital mortgage originator Mortgage Me ensures you get the lowest interest rate

4 August 2020 12:59 PM

Everything is done electronically – you never have to leave your home, says Mortgage Me’s Andrea Tucker.

Share this:
Read More arrow_forward

TikTok 123rf 123rfbusiness 123rfworld 123rflifestyle

Microsoft wants to buy TikTok. Donald Trump gives it 45 days to negotiate

3 August 2020 7:23 PM

[EXPLAINED] The Money Show’s Bruce Whitfield interviews Craig Wilson, Editor at Stuff Magazine.

Share this:
Read More arrow_forward

Nigeria flag nigerian 123rf 123rfAfrica 123rfBusiness

Shoprite pulls the plug on Nigeria (pop 206m) – trouble for SA companies abroad?

3 August 2020 6:34 PM

Shoprite is exiting the oil-rich but spending-money-poor nation. Bruce Whitfield interviews Dianna Games (Africa At Work).

Share this:
Read More arrow_forward

Mine mineworker mining gold platinum coal 123rfbusiness 123rf

Resilient Amplats reports rise in earnings (Ebitda), solid balance sheet

27 July 2020 7:06 PM

The Money Show’s Bruce Whitfield interviews Natascha Viljoen, CEO at Amplats.

Share this:
Read More arrow_forward

Covid-19 insurance 123rf 123rfbusiness 123rflifestyle 123rfpersonalfinance

Santam to pay out R1 billion to policyholders in 'business interruption' relief

27 July 2020 6:29 PM

It still argues that the lockdown, not the pandemic, is responsible for its clients’ losses. Bruce Whitfield interviews its CEO.

Share this:
Read More arrow_forward

rands

SA Reserve Bank cuts repo rate to 3.5% - an all-time low

23 July 2020 3:39 PM

As widely expected, Sarb Governor Lesetja Kganyago announced a repo rate cut of 25 basis points on Thursday.

Share this:
Read More arrow_forward

Interest rates rate cut Sarb MPC 123rf 123rfbusiness

Expect another cut in interest rates – already at record-lows – later today

23 July 2020 1:13 PM

"Consumers who are in debt have received a huge bonanza," says Econometrix Chief Economist Dr Azar Jammine.

Share this:
Read More arrow_forward

Sars online tax return revenue service 123rfbusiness 123rfpersonalfinance

Ruling against Sars: 'Taxpayers have the courts on their side'

22 July 2020 3:17 PM

"This case shows rogue officials at Sars that the courts protect taxpayers," says tax attorney Jean-Louis Nel (Tax Consulting SA).

Share this:
Read More arrow_forward

Crisis just ahead dark clouds thunderstorm 123rf 123rfbusiness

'Property prices are falling. Cut rentals to hold on to existing tenants'

21 July 2020 9:31 AM

South Africa has become poorer, says property economist Erwin Rode. If you force a tenant out, who will you replace her with?

Share this:
Read More arrow_forward