King Price celebrates two years of steady growth

"It has been a truly exciting journey, although it hasn’t always been an easy one, but we are extremely proud of the progress we’ve made in building a brand, which our loyal customers have clearly fallen in love with,” says Gideon Galloway, CEO of King Price. "While we enjoyed a considerable growth in our customer base over the last financial year, we measure our success with the ratio of claims and settlements that we’ve issued so far; we take pride in treating our customers as the royalty they are. Of course, King Price more than doubled its staff complement over the course of the last year, which is an indication of South Africa’s need for a no-nonsense, innovative insurer.”

King Price entered the market in 2012 promising super cheap premiums, a great customer experience and the same comprehensive insurance cover customers have come to expect from reputable insurers. One of the key selling points was the promise that premiums on motor insurance would decrease monthly, in line with the adjusted value of the vehicle.

This approach has clearly resonated with the market as King Price surpassed the 50000-customer mark this year and is already processing well in excess of 1000 claims per month.

Galloway says that one of the most important measures of King Price’s success it that it will be profitable within the next few months - a milestone that few insurers can claim.

"We are also extremely proud to have been voted the ‘Best Short-term Insurer’ by our customers in this year’s South African Service Awards. This shows that we walk the talk and truly deliver the royal service that we promise,” continued Galloway.

This type of real, human relationship is a philosophy that is followed internally as well, with King Price recording staff retention rates above the industry norm. Galloway says a shift away from electronic and computer-generated HR practices has also seen absenteeism decline significantly. "We have created a fun, vibrant environment that stimulates our staff”.

Having recorded two strong years of growth, King Price has set aggressive growth targets for the next 12 months that will place it on a par with competitors that have been in the market far longer.

Galloway says continuing to deliver superior service while expanding the innovative product offerings will stimulate this growth. King Price will also be entering new market segments as part of its growth strategy.

"We are very excited about the prospects for the business and the growth potential. We will continue to innovate and challenge our competitors’ entrenched positions and practices. We have shown that we have the will and the resilience to take on the incumbents, despite their misgivings about our business model”, concluded Galloway