King Price Insurance has been named the top insurer by the country’s consumers in a 2021 South African Insurance Sentiment Index, conducted by PwC SA in collaboration with BrandsEye.
“We’re so proud of this accolade,” says client experience partner Wynand van Vuuren. “It confirms that we’re on the right track. We focus on delivering super cheap insurance and strangely simple service… The good kind of strange. We’ve made it easy for our clients to manage their policies via the platform of their choice wherever they happen to be and whenever it suits them. We also write our policy wording in simple, easy-to-understand, every-day English, and Treating Customers Fairly (TCF) requirements are built into everything we do.”
Van Vuuren notes that King Price has made a difference in its clients’ lives since day 1, with its world-first (and still only) decreasing premium model. “It just doesn’t make sense to only ever pay more to insure something that’s only ever worth less,” he says. “That’s why we automatically decrease our comprehensive car premiums monthly as the cars lose value. To us, it’s the fair and logical way that insurance should be done. And, over the past 9 years, we’ve saved our clients over R200 million in decreasing premiums.”
King Price obtained the highest net sentiment of the 15 insurers measured in the Index, with a score of 44.3%. They are one of only five insurers to get a positive net sentiment.
Net sentiment tracks all opinions expressed on social media about a brand or product, and is calculated by subtracting the percentage of negative online mentions from the percentage of positive online mentions. The index tracked over 450,000 consumer social media posts between 1 April 2020 and 31 March 2021.
King Price had the highest net sentiment for operational conversation, with 87% of positive mentions complimenting staff competency. Other areas highlighted included staff conduct (47.7%) and turnaround time (22.1%).
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