Business
JOHANNESBURG - Just like the Michael Jordaan-backed mobile data network 'Rain', there are more startups beginning to emerge in South Africa that are taking sledgehammers to traditional industries. One of those startups is a local fintech called 'Naked' which is taking digital customisation and personalisation in the car insurance industry to new heights. Among the options that Naked offers its customers include the ability to pause their car insurance if they go on holiday or start taking the train to work. Naked's claim to fame is that it has also become the first insurer in the country to relinquish underwriting profits. Instead, the company collects a fixed 20% of premium income to cover its costs. Naked is interestingly headed up by an actuary and former partner in EY’s insurance advisory business, Alex Thomson, who speaks to me in this interview about his latest venture. - Gareth van Zyl