King Price Insurance

King Price Insurance
Privately owned
Industry Insurance
Founded 2012
Headquarters Pretoria, South Africa
Key people
 Gideon Galloway, CEO
Website www.kingprice.co.za

King Price Insurance is a South African based, privately held insurance company that offers short term insurance.[1][2] The company is best known for its monthly decreasing car insurance premium model.[3] King Price Insurance was awarded with the Best Short-Term Insurance Company in 2013.[4]

History

King Price Insurance was founded by Gideon Galloway.[5] Galloway was previously working in the insurance industry for 10 years and had an idea to create a low cost premium alternative to the larger insurance companies.[1] The company received its initial funding from Francois van Niekerk of Mertech group and Stefan van der Walt of Nikon, and was launched in 2012. Galloway worked in a profitable niche by offering short term insurance policies at a reduced premium by averaging the overall risks.[6] The company offered monthly insurance, reducing premiums that decrease with the depreciating value of the asset.[7] The idea gained initial popularity in the region and received 10,000 clients within six months of its launch.[8] King Price Insurance registered with as a member of the South African Insurance Crime Bureau (SAICB).[9] King Price insurance is reinsured by reinsurer Munich RE. The company’s head offices is located at the Waterkloof Glen, Pretoria.

Product

King Price Insurance offers covers for short term insurance products including car, household, building, trailers, caravans and all risk insurance.[10] It offers car insurance premiums that decreases monthly according to the continuously depreciating value of the insured vehicle.[11]

Awards

King Price won dual awards for Best Short-Term Insurer and Best Overall Newcomer in the 2013 South African Service Awards.

References

  1. 1 2 Maarten Mittner (15 June 2012). "Short-Term Insurance". Financial Mail. Retrieved 6 March 2014.
  2. ↑ Jonathan Greig (7 November 2013). "South African insurers missing a trick, says Google". BDlive. Retrieved 6 March 2014.
  3. ↑ Hanna Barry (6 March 2015). "Insurers are inflating premiums, says King Price". Retrieved 6 March 2014.
  4. ↑ "2013 Winners". Retrieved 6 March 2014.
  5. ↑ Nadine Todd. "When the Price is Right: We Chat to Gideon Galloway from King Price". Entrepreneur Magazine. Retrieved 6 March 2014.
  6. ↑ Dean Oelshig (20 November 2014). "The best brands solve the simplest problems". Retrieved 6 March 2014.
  7. ↑ "Get Rid of Overpriced Insurance Premiums with King Price Insurance". Money Smart. 18 July 2013. Retrieved 6 March 2014.
  8. ↑ "King Price recruits 10000 clients since launching". Financial Mail. 12 December 2012. Retrieved 6 March 2014.
  9. ↑ "King Price Join the SAICB". SAICB. Retrieved 6 March 2014.
  10. ↑ "King Price Insurance". Money Smart. 18 November 2012. Retrieved 6 March 2014.
  11. ↑ "King Price Insurance claims lowest car premiums". The Sowetan. 16 July 2012.

External links

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