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Making insurance enjoyable in every way

Pretoria - Gideon Galloway, CEO of King Price Insurance, says he wakes up in the morning to try and make a difference in the world - and have fun while doing it. He told Fin24 about his journey.

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Insurance has been seen as a grudge purchase for too long. Most people would rather scrape the scales off their shower doors with their teeth than talk about policy exclusions, underwriting conditions and claims procedures.

We get that, and we’re here to make insurance more enjoyable in every single way. That means premiums that decrease every month (a first for the insurance industry) and the kind of brand humour that makes insurance fun.

Our advertising, products, and how we treat our clients are also completely different from our competitors. The key driver for our business is people - our customers and our employees. Which is why we make our office a fun place to work and our engagement with consumers useful, meaningful and a little tongue-in-cheek.

How did you become an entrepreneur?
 
I just got going doing what I loved (in those years it was graphic design and programming). I also threw in a ten year corporate career for good measure.

I remember back at varsity, I wanted to build things that people wanted, that people needed. As a result, I designed and sold many websites.

Technology also fascinated me, and then one business led to the next. I love the challenge of starting something from scratch.

What was the gap you saw?

I have a passion for insurance. Especially because the business model is massively scalable and if done correctly, it is very profitable. We also spotted an opportunity to change the industry, because in my opinion it is dominated by fat cats, who don’t realise that the customer is becoming more discerning.

For example, cars depreciate every month, so why aren’t all insurers decreasing car insurance premiums monthly? We all pay out the retail value should something happen to the car (under comprehensive insurance).

Furthermore, I was also frustrated with the lack of innovation in the industry and the stuck-up manner in which traditional insurers didn’t even want to communicate with their clients. It sounded to me like there was an opportunity to do better, and we took it.

What were the challenges and how did you handle these?

One of the challenges of being the new kid on the block, is budget. We need to turn over every cent – we can’t splash advertising around like some of our bigger competitors. That means being very cost effective as well as tracking and measuring the effectiveness of every single ad.

We also focus on what we do have, as opposed to worry about what we don’t have. While we don’t have a lot of cash to spend on fancy commercials, what we do have is an amazing, fun, crazy company culture and a game-changing approach to insurance.

What is your recipe for success?

I want to make a meaningful impact in the world. With that comes big dreams. Big ambition. And when you start with nothing, you have to be creative to make that happen.

Push through. Do not give up. Do not accept second best – make it happen. There is always a way. Take calculated risks. Remember your creator, it’s He who gives you wisdom. Give back.

Remember, there are plenty of investors, people are simply waiting for a good plan. Life happens faster and faster every day, so we simply can’t sit and wait for life to happen – because it will. Go out and change the future.

What advice do you have for other (would be) entrepreneurs?

No risk no reward. I had to invest every cent and lost a lot in the process. It’s how you learn.
 
Stay humble and keep that flashy car for later. The pie is big enough, get partners involved even if it’s just for the capital.  When you are successful, give back. Remember to keep a balance - you and your family are more important than your business. And most importantly, enjoy the process.

Any future plans?

We would like to launch our commercial insurance next year, we are also looking to expand into Namibia, Botswana and Zambia. In 2017 we will probably consider life insurance and one big country on a different continent.

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