In this episode of the podcast, Duncan McLeod interviews Alex Thomson, co-founder of a new insurtech company called Naked, which hopes to use technology — including artificial intelligence — and a new operating model to take the “grudge” out of buying insurance.
Naked, which is supported by Hollard, is a Web- and app-based insurance provider, focusing on vehicle insurance for now.
The company takes a fixed portion of premiums to run the business, with the balance going into a pool to cover claims. At the end of each year, money left over in the claims pool goes to charities nominated by customers rather than it going toward company profits, meaning Naked’s income doesn’t depend on whether claims are paid or not.
It’s an interesting model in an industry that Thomson believes is ripe for technology-led disruption. Don’t miss it the discussion!
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