South African insurance-technology start-up, Naked, has announced the close of R700-million ($38 million) series-B funding round.
The Insurtech was founded back in 2018 and has created a fully digital platform that uses automation to speed up the process of buying insurance and making claims after a loss. This is done without engaging with a call centre agent. The company claims in sells 100% of its card, home and single-item insurance policies online without any human intervention, using artificial intelligence and machine learning to make decisions.
The funding round saw the participation of BlueOrchard as well as some other existing investors including Hollard and the International Finance Corporation.
The startup will use the funds to meet regulatory capital requirements. “Additionally, the funds will be used to meet the regulatory capital requirements tied to the rapid growth and evolution of Naked’s business,” the company said.
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