You can now insure single, standalone items in South Africa – from sunglasses to surfboards

AI-driven insurance platform Naked has opened up its household insurance coverage to single, standalone items through its app.

The group launched comprehensive home and contents insurance earlier this year, which it built on from its fully digital car insurance offering, which launched in April 2018.

The new insurance product covers valuable items for theft, accidental damage and loss in South Africa and for up to six months of consecutive travel anywhere in the world, the group said.

“Consumers can get a quote in seconds and sign up for cover of valuables such as cameras, smartphones, laptops, sunglasses, sports equipment and guitars instantly.

“They can add or remove items and adjust excess values for each item in real-time to see how it will affect their premiums,” it said.

The process is completely digital: Customers can signed up and purchased the cover on the app; they then need to take and upload a few pictures together with a short description of the item to complete the transaction.

Some of the examples used by Naked include headphones, laptops and jewellery, along with the excess and monthly cost:

  • R2,500 headphones or sunglasses with a R500 excess for R45 per month;
  • R8,000 laptop with a R1,000 excess for R82 per month;
  • R15,000 wedding ring with a R2,000 excess for R102 per month;
  • R7,000 smartphone with a R1,000 excess for R91 per month;
  • R3,600 surfboard with a R500 excess for R49 per month.

“The product is well suited for those who want to cover one or two valuable items, but don’t want or need full home insurance,” the group said, saying that its platform allows people who don’t have an existing home and contents policy to purchase cover for a single item.

“Single item cover from Naked also offers more choice to customers in markets where insurance is traditionally sold as a tick box option – for example, cover for an expensive new smartphone when you upgrade,” said Naked co-founder, Ernest North.

The single item cover – unlike home contents insurance – covers the items even when in transit, used for business or used outside the home.

“This makes it a useful option for entrepreneurs who use expensive equipment like cameras, sound equipment or high-end computers in their small and home-based businesses,” it said.

Customers claim from, manage, change and cancel their policies from the Naked app without the need to speak to a call centre agent, giving them unprecedented control.

Naked says its AI fraud analytics fast-track the majority of claims so that people who pass the automated fraud analytics can receive instant approval for payout of the claim or the replacement or repair of their item.


Read: South African AI based insurance startup gets R30 million investment boost

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You can now insure single, standalone items in South Africa – from sunglasses to surfboards