When conducting company due diligence in Johannesburg in 2024, it quickly became apparent that Naked combined a rare mix of irreverence, disruption, a genuine focus on technology and deep underwriting discipline. The three co-founders discussed the innuendo behind billboards displayed across South African cities at the time, featuring slogans such as ‘Lumi got Naked at book club’, one moment and walked through catastrophe reinsurance layer design the next. That apparent contradiction is precisely what sets Naked (a portfolio company of IIF II. This fund has been closed for investments. Information for illustrative purposes only) apart from both incumbent insurers and insurtechs that may pursue growth before mastering risk.
The three co-founders are qualified actuaries with extensive insurance careers. Alex Thomson spent years consulting to South Africa’s largest underwriters before channelling that experience into building Naked’s digital platform. Sumarie Greybe (FIA) brings operational and strategic rigour, while Ernest North contributes expertise in marketing, product and pricing. Together, they translate actuarial precision into a consumer brand that people want to engage with.
The following case study explores Naked’s journey, from its founding vision and digital-first approach to its role in expanding access to insurance and strengthening climate resilience in South Africa.
Case study: Naked
Transformational growth while increasing profitability and delivering impact
The complementarity among the founders matters. All three are qualified actuaries with extensive careers in insurance. Alex, who spent years consulting for South Africa’s largest underwriters before channelling that experience into building Naked’s digital platform, ensures the product and technology remain fit for the market. Sumarie, who holds the distinction of having developed South Africa’s first dynamic motor vehicle insurance pricing model, keeps the engine running smoothly, and together with Ernest makes the outside world pay attention. While applying their actuarial skills at one of the big four, they noticed that insurers were struggling to remain relevant, particularly to younger consumers, because they relied on outdated technology and traditional distribution. They named the company Naked to reflect their ambition to strip away the complexity, hidden fees and mistrust that many people associate with insurance, replacing them with a transparent, simple and digital-first customer experience.
They saw an opportunity to re-engineer the insurance value chain by making better use of data, automating and enhancing self-serve, improving speed and convenience, and building their own technology. Clients can get a quote in two minutes by answering a handful of questions. No call centres, no paperwork, no unnecessary upselling or constant sales “harassment”.
Naked’s products include motor insurance, home insurance, household insurance and single-item insurance. Naked’s policies include natural catastrophe (NatCat) cover against floods, hailstorms and other natural catastrophes. This matters in South Africa, where violent summer hailstorms (typically from mid-November through February) frequently damage homes and vehicles. The Highveld region, which includes Johannesburg and Pretoria, is one of the highest risk areas as it combines high altitude, abundant moisture influx, and low freezing levels.
The numbers: Compounding at pace
As evidenced by company data and reports, Naked grew gross written premiums at an almost 100% CAGR between 2020 and 2025 and generated more than USD 60 million in earned premiums in the twelve months to June 2026. Naked’s customer economics are reported to remain strong, with healthy loss ratios, low churn and attractive acquisition costs.
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Close to 100% CAGR of gross written premiums (2020-2025)
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USD 60+ million in earned premiums (Jun’25-Jun’26)
Naked’s fully digital model makes it one of the lowest cost insurers in the South African market, while also allowing it to profitably issue much smaller policies than the incumbent insurers due to its low marginal cost per policy. Innovations include CoverPause for vehicle insurance, which enables consumers to pause their insurance cover if they are not using their vehicle, ultimately saving them on premium fees.
The company places considerable emphasis on customer experience, particularly the efficiency of claims handling. Rates of auto-approval and instant settlement continue to improve, with a single claim recently settled in a record 10 minutes and 26 seconds.
The advertising: Mischief as a distribution channel
Most insurers advertise with fear or comfort. Naked chose a third emotion: mischief.
The #GetNakedAnywhere campaign that ran from 2024 to 2025, placed over 150 unique billboards across South Africa, each featuring a real first name and the real location where someone bought Naked insurance from their phone. “Tamryn got Naked at the hairdresser.” “Hannes got Naked at the potjie competition.” “Gugu got Naked in the studio.” The double entendre is deliberate, unavoidable, and carefully calibrated to make people stop, smirk, and then realise they are looking at an insurer. As Sumarie explained during our meeting, the campaign also reinforces the company’s promise of transparency and simplicity.
The campaign went viral on TikTok without a cent of paid promotion. Hundreds of users posted videos asking for their own names to appear on billboards. Naked’s creative team, working with external agencies, built 15 editable billboard templates and generated hyper-realistic video billboards for 600 of the most requested names. The top two videos alone racked up 3.8 million and 3.2 million organic views, while total campaign views hit nearly 20 million.
In South Africa, where trust in financial services is hard won and easily lost, such an approach only works if the underlying service delivers at the moment of the claim. So far, Naked’s Hellopeter TrustIndex (a South African customer satisfaction and reputation score based on verified customer reviews) sits at 9.9, and cash-settled claim speed has become a recurring theme in customer reviews.
The climate insurance angle
Naked’s product suite includes NatCat cover against floods, hailstorms and other natural catastrophes bundled into its property and single-item policies. With South Africa experiencing increased weather-related claims, and with reinsurance layers explicitly structured around catastrophe events, the company sits at the intersection of digital distribution and climate risk transfer.
Through the InsuResilience Grant Facility, deployed after the investment, BlueOrchard has worked with Naked to strengthen its environmental and social management system, refine its claims proposition, and support the development of its digital platform to reach underserved segments. BlueOrchard worked alongside the company, sharing best practices and providing technical guidance during the development of its ESMS and ESG Policy. The impact trajectory has been measurable, with more than 250,000 additional beneficiaries as of Q3 2025, up from a baseline of 120,000, and already approaching 50% of the 2029 target.
- Positive impact trajectory
- 250,000 additional beneficiaries as of Q3 2025
- Already approaching 50% of 2029 target
In the broader context of Africa’s climate protection gap, Naked demonstrates that digital-first models can reduce the marginal cost per policy to a level where smaller, more granular cover becomes viable. That is precisely the mechanism needed to close the affordability gap that dominates every conversation about climate insurance on the continent. When you combine actuarial founders who understand catastrophe pricing, a technology platform that lowers distribution costs, and a brand that earns attention in a “naughty” but effective way, you have the ingredients for a platform that has the potential to expand affordable coverage without sacrificing risk discipline.
Naked demonstrates how technology, underwriting expertise and customer-centric innovation can help expand access to affordable insurance while supporting greater resilience to climate-related risks. Bafana Kaofela!
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