Finally an insurance company that is on the people’s side! King Price offers the cheapest prices, without any compromise.Unlike other insurers, King Price automatically reduces your car insurance premium every month, as the value of your car goes down.King Price Insurance, the new player in the short term insurance industry, is poised to disrupt the South African market with a ground-breaking insurance model backed by an aggressively discounted pricing strategy, which will offer consumers a massive saving of up to 60% on their insurance premiums.Say ‘no’ to all those insurers who inflate your premium at first, just to give back your own money to you as a ‘no claim bonus’ later (if you’re lucky). Rather say ‘yes’ to King Price where all our clients pay less… IMMEDIATELY!
“The reason why we’re doing it is a no-brainer, really,” says Gideon Galloway, CEO of King Price, and a man with more than 10 years’ experience in the short term industry. “Like most people, we are disgruntled about paying more for car and home insurance than what is necessary.” Around 3 years ago, I identified the loopholes in current insurance offerings and decided to join forces with some of the best brains in the global insurance industry to counteract them. We are ready to seriously challenge old and outdated insurance models and turn the market on its head.”
There are two key elements that will differentiate King Price from other insurers. Firstly, their clients’ premiums will decrease every month. Galloway explains: “In the time it takes to read this, your car has already depreciated. This seems to be ignored by the other insurers. At King Price, our clients’ insurance premiums will be reduced monthly as their cars depreciate. And they will not have to nag or remind us, as it will be done automatically!”
Secondly, King Price firmly says “NO” to the ‘no claim bonus’ myth. “Most insurers inflate premiums so that their clients can have the perceived benefit of a ‘no claim bonus’ at a later stage – that‘s if they actually qualify, of course,” explains Galloway. “Clients don’t realise that insurers are regulated to reserve a percentage of premiums for this ‘no claim bonus’ fund. At King Price, all our clients will rather reap the benefit of a substantially discounted premium immediately.”
King Price has worked with a team of seasoned insurance and technology experts to develop state of the art, real-time automated IT platforms – including risk rating software which are believed to be the quickest, most intelligent and most accurate system that is currently available in South Africa. “This will naturally translate into even more savings for our clients,” says Galloway.
King Price promises a few novel marketing approaches to follow its launch. Keeping abreast of market trends, King Price’s marketing strategy will also make extensive use of SMS, online, and mobi- and social media applications to serve and inform customers.
Backed by Munich Re, a global leader in reinsurance, King Price will be launching officially on the 2nd of June, 2012. “Essentially, we are driven by a simple belief: that price is king – bottom line. With King Price Insurance, the consumer will be able to enjoy the same cover, but at a substantially cheaper price. And, as our name suggests, it will come with royal service too. We have no doubt that we are going to change the way the world looks at short term insurance,” concludes Galloway.