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King Price Insurance offers monthly premiums that lower as the value of your vehicle depreciates. Clever! What else are they getting up to?
King Price Insurance may be best known for its monthly decreasing car insurance premium model. In other words, the more the value of your asset depreciates over time, as cars do, the more your monthly premium lowers. Pretty clever.
Among other prizes, in 2013, King Price won dual awards for Best Short-Term Insurer and Best Overall Newcomer in the South African Service Awards. We were eager to learn more about the company and were fortunate enough to catch up with them...
Here's a quick Q&A with King Price.
Give us a bit of background into what brought about the beginning of King Price Insurance, and what has motivated you to grow over the years?
Our CEO, Gideon Galloway, spotted an opportunity to change the industry:“In my opinion, giants who don’t realise that their clients are becoming more discerning still dominate the industry. For example, cars depreciate in value every month, so why don’t all insurers decrease car insurance premiums monthly? After all, we all pay out the same retail value should something happen to an insured car (under comprehensive insurance). Personally, I was also frustrated with the lack of innovation in the industry and the stuck-up manner in which traditional insurers didn’t even want to communicate with their clients."Gideon also believes in a unique, culture-based business model and encourages his employees to operate to their full creative potential. It’s about realising the human possibility, and not just about the products they work with.
What sets King Price apart from the rest? Is there anything you offer that no other opposition could?
Insurance has been seen as a grudge purchase for too long. Most people would rather scrape the scale off their shower doors with their teeth than talk about policy exclusions, underwriting conditions and claims procedures. We get that and we’re here to make insurance more enjoyable in every single way. We take the ‘eina’ out of insurance. This means premiums that decrease monthly (a first for the industry) and the kind of brand humour that makes insurance fun. Our advertising, our products, and how we treat our clients, are also completely different from our competitors. The key driver for our business is people: Our clients and our employees. Which is why we make our office a fun place to work and our engagement with consumers useful, meaningful and a little tongue-in-cheek.What will continue to set you apart in the next decade?
Our people. You can offer employees a job. Or, you can offer a career that truly matches their interests and values. At King Price, it’s important that our employees fit into our culture and are happy. And, because we’re all different, we offer new recruits a bonus: If they don’t feel at home in our kingdom within the first month, they can head out to greener pastures, with no hard feelings, and a financial incentive to search for a real fit. Employee retention is critical for a successful and sustainable business. When driving employee retention, it’s vital to create real experiences that position you as the best company to work for, where employees find value and purpose. Also, data analytics has become an integral part of our business practices and will become even more essential. Our ability to collect data, transform its business value, and analyse it to enable the business to make sense of it and then make better decisions based on the findings is setting us apart in the industry.Tell us a little more about your focus on protecting businesses from cybercrime. How did this initiative come about and why does King Price believe it is so important?
While some people consider cybercrime petty and not worth the expense and resources being invested to fight it, the reality is that cybercrime is on the up and up. The annual damage to the global economy is at a giant $445 billion, while on home soil, 84% of adults who’re online have already been victims of cybercrime and a massive 74% of these have experienced cybercrime in the past year. The numbers don’t lie. We launched King Price Cybersure to offer businesses protection against the effects of cybercrime. We cover business’ software and data, as well as their liability arising from cyberattacks. Cybersure includes cover for data breach expenses, damage to computer systems and data, associated loss of income, and more. We’ll even assist our Cybersure clients to manage reputational damage after a cyberattack. We’re launching cyber insurance for our personal lines clients soon. Watch this space!What are your opinions and thoughts on crypto currencies, particularly Bitcoin?
Crypto currencies have caught countries and economies off-guard because they’re a relatively secure investment and are being accepted by more institutions almost daily. The volatility of Bitcoin has slowed down its uptake and usage as a currency with the potential to replace the Rand but we expect more stability in the near future. King Price recently gave away a prize of R1 million in Bitcoin as part of the launch of our Cybersure product. Crypto currencies are here to stay!You can save up to 30% on your car insurance by getting a quote today!
How can your clients achieve the best results and gain the most satisfaction from your brand?
We’ve done a lot of research into why clients stay with an insurer and/or why they move. We found that clients move for price but stay for the product offering, which means they’ll stay if a product is amazing. Our decreasing premium model and promise of royal service were based on this insight. But in fact, we now promise award-winning royal service, because we’ve won stuff! Like all insurers, we need our clients to be honest in their dealings with us. We try really hard to present the ‘fine print’ as understandable English and we’re always very happy to assist with queries.How are you using technology to adapt and create the best experience for clients?
We live in a time when every industry is bound to be disrupted. Artificial intelligence is going to force industries out of their comfort zones and we need to be ready for that. To accommodate our world-first decreasing premium model, we custom-built our back-end system. We also use real-time data analytics, so we don’t have to wait for month-end for departmental performance info. We built an app, for internal use, that allows our management to monitor business performance and make real-time decisions from anywhere in the world, for the benefit of the business and our clients. This technology makes us agile and puts us way ahead of our industry and competitors.How, specifically, does King Price determine success? Do you measure it through growth, stability, profitability or something else?
We measure our success through the difference we make. Our 7 family values guide everything we do, and one of these is ‘live with purpose’. Our vision is Lower premiums: Higher purpose. The more we grow, the more we can invest in purpose. We’re all about making life a bit better for our clients, staff, partners and shareholders, and we also want to impact our country. Our business is insurance but we’re also in the business of making a difference. We aim to change the world, one decreasing premium at a time. We’re #MakingADifference by doing things differently and paying it forward.Over the last couple of years, the world has changed quite drastically. Has the insurance industry changed? If so, how, and have you managed to keep pace?
The world’s changing weather patterns and increasingly devastating natural disasters have the potential to be a big challenge. Also, we’ll soon have self-driving cars hitting the market hard, which will see insurers having to evaluate and cover this totally new risk. Not only is self-drive a new risk, but it’s also been predicted that the car insurance market is going to dive as the majority of people won’t own their own cars any more. So, modern insurers can’t only insure basic risks like cars, buildings and home contents. New products will enter the market, like cyber insurance for assets like computer systems, data and software, and loss of income and liability arising from cybercrime. We’re going to see unique products for specialist professionals such as engineers and medical practitioners. And, sectional title insurance for community living must, of necessity, align with tech to provide seamless insurance and building maintenance services.If your brand could be associated with one single word in the minds and thoughts of customers and employees alike, which word would that be?
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