Taking The 'Eina' Out Of Insurance
Finweek English|27 July 2017

Founder of King Price, Gideon Galloway, explains how he took on the monopolists of the South African insurance space to offer a vehicle insurance product with decreasing premiums.

Natalie Greve
Taking The 'Eina' Out Of Insurance

A growing disdain for the “old-boy” structure of the domestic insurance industry prompted insurance veteran and entrepreneur Gideon Galloway to ditch the corporate rat race in June 2012 and establish disruptive insurer King Price. Starting with 23 employees, King Price hit the market with a novel vehicle insurance product that saw premiums decreasing every year – a world first, says Galloway. Today, over 102 000 clients have bought into the idea. The now 700 employee strong company’s portfolio has since included cover for buildings, home contents and businesses, among others – and even an option to insure Apple watches and golf clubs for R1 per month.

What sparked the idea of starting an insurance company?

 I spotted an opportunity to change the insurance industry, because, in my opinion, it’s dominated by giants that don’t realise their clients are becoming more discerning. For example, cars depreciate every month, so why aren’t all insurers decreasing car insurance premiums monthly?

I became 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 seemed like there was an opportunity to do better in the industry; an opportunity to take the ‘eina’ out of insurance. The business model looked massively scalable, especially if done correctly, so we took the chance.

How did you get start-up funding?

This story is from the 27 July 2017 edition of Finweek English.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the 27 July 2017 edition of Finweek English.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FINWEEK ENGLISHView All
THE HEALTH OF SA'S MEDICAL SCHEMES
Finweek English

THE HEALTH OF SA'S MEDICAL SCHEMES

As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.

time-read
7 mins  |
5 November 2021
The effect of Gilbertson's departure
Finweek English

The effect of Gilbertson's departure

With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.

time-read
3 mins  |
5 November 2021
Making money from music
Finweek English

Making money from music

Why investors are increasingly drawn to the music industry.

time-read
3 mins  |
5 November 2021
Conviction is key
Finweek English

Conviction is key

Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.

time-read
5 mins  |
5 November 2021
The post-pandemic toolkit
Finweek English

The post-pandemic toolkit

How CFOs can use technology to support growth.

time-read
4 mins  |
5 November 2021
Big city living exodus
Finweek English

Big city living exodus

Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.

time-read
3 mins  |
5 November 2021
Big compact, big value
Finweek English

Big compact, big value

Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.

time-read
3 mins  |
5 November 2021
On barriers to entry
Finweek English

On barriers to entry

There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.

time-read
2 mins  |
5 November 2021
Fear and greed in one index
Finweek English

Fear and greed in one index

To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.

time-read
3 mins  |
5 November 2021
Africa's largest data centre facility coming soon
Finweek English

Africa's largest data centre facility coming soon

Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.

time-read
3 mins  |
5 November 2021