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Financial Services
Sunday, July 12, 2015 - 02:16
Royal service

King Price is celebrating its third birthday this June. The financial services firm opened its doors to business on the 2nd of June 2012, “armed,” as it says, “with some radical notions: The first, being the only insurer in South Africa (in the world, actually) to decrease its 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 the firm, 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 ingrained 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 Term Insurance 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. The overturn rate is where the Ombudsman reverses the original decision of the financial service provider, at least partially, and awarding the customer with their claim, or a portion thereof. “The fact that we have such a low overturn rate suggests we are fair, and genuinely want 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 top spot with an overturn rate of 11.54%. King Price will undoubtedly do even better by our fourth birthday,” continues Galloway.
When King Price opened its doors, it did so with 43 staff members. “They said we wouldn’t last three months, and today, three years later, the firm has grown to more than 550 staff members. The youngest is only 19, and the oldest, who is 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 initial 43 staffers managed to make just over 1 800 sales in our first month, but now, we do anything between 8 000 and 9 000 sales monthly. “We probably shouldn’t have told you that, as it is market sensitive information,” he quips. “Since 2012, we’ve paid out over R525m in claims.” Coupled with our low overturn rate, it’s clear King Price is serious about providing quality customer service.
 

Copyright © Insurance Times and Investments® Vol:28.7 1st July, 2015
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