King Price celebrates third birthday and other important numbers

10 June 2015 Gideon Galloway, King Price
Gideon Galloway, founder and CEO of King Price.

Gideon Galloway, founder and CEO of King Price.

As you undoubtedly deduced from the title of this media release, King Price is celebrating its third birthday this June. It was on the glorious morning of the 2nd of June 2012, that we officially opened our door for business, armed with some radical notions: The first, being the only insurer in South Africa (in the world, actually) to decrease it’s premiums month on month, as the value of your vehicle depreciates. The second, to put our customers first, no matter what. We call it “Royal Service”.

“We pride ourselves in our Royal Service”, says Gideon Galloway, founder and CEO of King Price. “That’s why we started King Price, because we believe that if it’s good for the customer, it’s good for us. It’s a belief that the entire King Price family lives, it’s engrained in our culture, our products, and especially our service. And I’m incredibly proud that we’ve been able to do this for three years, especially since our detractors said we’d never make three months.”

A testament to King Price’s royal service can be found in the Ombudsman for Short Terms Insurance’s annual report. This year, the report lists King Price in third place for claim overturn rate at 16.32%. Why is an overturn rate important? Well, it’s really all about customer service and paying claims if you think about it. The overturn rate is the Ombudsman reversing our original decision, at least partially, and awarding the customer with their claim, or a portion thereof. The fact that we have such a low overturn rate is indicative of the fact that King Price is super fair, and it genuinely wants to assist each and every customer.

“We have to thank our competitors for keeping us on our toes; it was OUTsurance, founded in 1998 that secured the silver medal with a 13.83% overturn rate, and Bidvest Insurance (founded in 1997) in the coveted top spot with an overturn rate of 11.54%. King Price will undoubtedly do even better by our fourth birthday, and can you imagine how awesome we’ll be when we’re as old as these two?” continued Galloway.

More numbers:

When King Price opened its doors on the morning of the 2nd of June 2012, it did so with 43 staff members. They said we wouldn’t last three months, and today, three years later, King Price has grown to more than 550 staff members, the youngest is only 19, and the oldest, 63, enjoys working here too much to retire. Our positive and reinforcing culture means that we have a staff churn of less than 2%.

Those 43 staffers managed to make just over 1800 sales in our first month, but now, we do anything between 8000 and 9000 sales monthly (We probably shouldn’t have told you that, it is market sensitive information, let’s just hope no one takes advantage of us in our birthday month)

“Since 2012, we’ve paid out over R525-million in claims. Coupled with our low overturn rate, it’s evident that King Price is all about the customer – we don’t just talk the talk, we walk the walk – and you can look forward to many more great things from us in the next three years” concluded Galloway.

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