Connect with us

Brands/Products

IFC, Others Inject $17m into South African Insurtech Firm

Published

on

South African insurtech firm Naked

By Adedapo Adesanya

The International Finance Corporation (IFC) has led a $17 million investment into South African insurtech firm, Naked, to expand access to vehicle, home, and other insurance products.

The World Bank member, alongside the German Development Finance Institution (DEG), South Africa’s largest privately-owned insurance group, Hollard, and a private investment group with interests in insurance ventures around the world, Yellowwoods, jointly announced the investment, which it aims would help increase access to quality insurance products and services in South Africa, one of the largest economies on the continent.

The investment will support Naked’s strategy to expand its digital insurance offering, including to more first-time insurance buyers, and allow it to continue innovating to improve customer experience.

South Africa has the largest and most mature insurance market in Africa. However, the most widely sold insurance products in the country are life and funeral insurance. Naked is increasing access to other insurance products, removing the need for costly distribution or sales channels, and passing a significant portion of the savings on to consumers through lower premiums.

Naked’s AI-driven online sales system allows the company to increase efficiency and convenience, offer lower prices, and serve more customers than more traditional insurance companies.

Speaking on the round, Mr Alex Thomson, co-founder of Naked, said, “We are excited to bring new investors on board in this funding round as part of accelerating our growth plans.

“This investment validates our position as a pioneer of fully digital insurance in South Africa, and will enable us to grow our team, continue to invest in technology that puts customers in control, and expand into new markets.”

“Improving access to insurance products is a key driver of financial inclusion as it has the potential to preserve assets, provide protection and risk-sharing, and reduce uncertainties,” said Mr Adamou Labara, IFC Country Manager for South Africa. “IFC’s investment in Naked will help increase the penetration of tech-driven insurance in the country and support the growth of the insurance sector to enhance economic growth.”

“We believe that Naked is well positioned to drive digital transformation and inclusion in the South African insurance industry because of its unique technology and innovative business model,” said Mr Ingo Schultz, Vice President at DEG Insuretech Global Markets.

“We recognize the enormous commercial potential in increasing access to insurance through the use of smart technology. We’re excited to partner with Naked, not only as the leader in this space but also as a business that will have a significant positive social and developmental impact,” he added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Brands/Products

Holiday Shoppers Spend $1.2trn Online

Published

on

Salesforce Holiday Shoppers $1.2trn

By Modupe Gbadeyanka

A report released by Salesforce has revealed that about $1.2 trillion was used for shopping across the globe during the just-concluded Christmas and New Year holidays.

It was stated that the United States accounted for $282 billion, with data based on an analysis of 1.5 billion shoppers and 1.6 trillion page views across the Salesforce Platform.

The report indicates that the better-than-expected holiday shopping season was powered by surges in mobile and social commerce alongside increased consumer spending after months of saving in the first half of 2024.

However, shoppers have already sent back $122 billion in merchandise, with consumers and retailers leaning into the use of Artificial Intelligence (AI) and agents to enhance holiday shopping experiences through product recommendations and personalised order support, influencing $229 billion – or 19 per cent – of all online orders.

“Retailers had a robust holiday season, but a 28% rise in the rate of returns compared to last year is a cause for some concern,” said Caila Schwartz, Director of Consumer Insights at Salesforce. “Retailers who have embraced AI and agents are already seeing the benefits, but these tools will be even more critical in the new year as retailers aim to minimise revenue losses on returns and reengage with shoppers.”

It was gathered that about $229 billion of global online sales were influenced by AI and agents in the form of product recommendations, targeted offers, and conversational customer service support, with 19 per cent of holiday purchases influenced by consumers engaging with AI and agents, a 6 per cent increase from 2023.

In addition, shoppers used AI- and agent-powered chat for customer service 42 per cent more than they did during the 2023 holiday season, and over $122 billion of global purchases have already been returned, up 28 per cent from last year.

It was noted that this increase is partially due to trending consumer behaviours like “try-on hauls” and bracketing (buying an extra size above and below your standard size).

Salesforce projects that retailers will likely see this number grow to $133 billion – presenting an important opportunity for brands to use agents to make the returns process easier and more tailored to specific customer needs.

Continue Reading

Brands/Products

FreshSight Communications Assures Clients Tailored PR Services

Published

on

FreshSight Communications

By Modupe Gbadeyanka

A new Public Relations (PR) agency, FreshSight Communications, has promised to offer tailored services to its clients, as it joins the highly competitive industry.

According to the co-founder of the company, Mr Justice Mmadubugwu, FreshSight Communications will provide top-notch PR services tailored to meet the unique needs of businesses, organisations, and individuals seeking to amplify their brand presence and reputation.

He also expressed confidence in working with media partners to share compelling stories, promote innovative ideas, and spark important discussions that affect society.

“We are excited to introduce FreshSight Communications to the Nigerian market.

“Our goal is to become the leading PR agency for businesses seeking to establish strong relationships with their target audiences and stakeholders,” Mr Mmadubugwu stated.

FreshSight Communications said its services include media relations and crisis communications; brand management and reputation enhancement; digital PR and social media management; event management and planning; content creation and copywriting; and artist/influencers management.

Continue Reading

Brands/Products

2025 PR Monitoring & Measurement Outlook: Local and Global Perspectives

Published

on

2025 PR Monitoring Outlook

By Philip Odiakose

Welcome to my first LinkedIn Newsletter in 2025, where I share insights as a public relations measurement professional with more than a decade of experience shaping conversations in Nigeria and globally.

As we step into 2025, the world of PR monitoring and measurement is undergoing a significant transformation. This year, we anticipate trends that will reshape how brands, PR agencies, and independent measurement consultancies collaborate, ensuring transparency, unbiased analyses, and actionable insights.

In this newsletter, I will provide a dual perspective: the Nigerian PR monitoring landscape and the global outlook for 2025.

Local PR Monitoring and Measurement Outlook: Nigeria in 2025

  1. Increased Demand for Transparency: Nigerian brands are recognizing the importance of transparency in PR outcomes. There will be heightened demand for agencies to provide detailed, unbiased performance audits.
  2. Adoption of Independent Measurement Consultancies: The era of self-evaluation by PR agencies is waning. In 2025, more Nigerian brands will partner with independent consultancies like P+ Measurement Services to ensure objective insights that foster accountability.
  3. Integration of Technology with Local Expertise: As AI tools and platforms gain traction, Nigerian PR professionals must strike a balance between technology-driven insights and localized expertise to cater to the unique dynamics of our market.
  4. Shift from ROI to ROO (Return on Objectives): In 2025, Nigerian PR practitioners will move beyond traditional ROI (Return on Investment) metrics that focus solely on financial outcomes. Instead, there will be a focus on ROO (Return on Objectives), emphasizing how PR efforts meet broader organizational goals such as brand awareness, reputation enhancement, stakeholder engagement, and social impact. This shift aligns with the evolving Nigerian economic landscape, where businesses prioritize long-term value creation and sustainability over short-term financial gains.
  5. Education as a Driver for Adoption: The need for education on measurement standards will grow. Initiatives like AMEC’s Measurement Month and local workshops like EvaluatePR event by P+ Measurement Services, Spin Sucks led by Gini Dietrich, and Measurement Base Camp by Paine Publishing led by Katie Delahaye Paine will play a pivotal role in driving adoption and bridging the knowledge gap among PR professionals.

Global PR Monitoring and Measurement Outlook: 2025

  1. Increased Collaboration Between PR Agencies and Measurement Experts: Globally, we will see stronger partnerships between PR professionals and measurement consultants to deliver credible, data-backed reports that influence boardroom decisions.
  2. Standardization Through Education: AMEC Measurement and Evaluation (International Association for the Measurement and Evaluation of Communication) and its members will continue leading the charge in educating PR professionals on best practices, ensuring global alignment on measurement standards like the Barcelona Principles, Measurement Maturity Mapper and Measurement Framework.
  3. Rising Demand for Unbiased Audits: Brands across the globe will increasingly seek independent PR measurement audits, avoiding conflicts of interest and ensuring that insights are impartial and actionable.
  4. Adoption of Technology and Real-Time Analytics: The rise of real-time monitoring and advanced analytics tools will enable PR professionals to adjust strategies dynamically, making campaigns more impactful.
  5. Focus on ESG and Social Impact Metrics: Environmental, Social, and Governance (ESG) metrics will take center stage in global PR measurement. Organizations will prioritize measuring how their communications align with sustainability and societal goals.

The Way Forward

2025 marks a year of audacious transformation in PR monitoring and measurement, both in Nigeria and globally. At P+ Measurement Services, we are committed to driving this change by partnering with brands, agencies, and global stakeholders to deliver transparent, unbiased, and impactful insights.

The success of PR measurement lies in the collaboration between PR professionals and measurement experts, coupled with continuous education and adherence to global standards. As a founding member of AMEC Member Lab Initiative, I am optimistic about the role we will play in shaping the future of this industry.

Let us redefine PR measurement together, one campaign at a time.

Philip Odiakose is a leader and advocate of PR monitoring, measurement, and evaluation in Nigeria. He is also the Chief Media Analyst at P+ Measurement Services, a member of AMEC Lab InitiativeNIPR and AMCRON

Continue Reading

Trending