Tony van Niekerk of COVER speaks to Rochelle De Lucia – Partner: Sales and Distribution at King Price about how they aim to create new opportunities for brokers with personalised service.
Tony: King Price, known by most people as a direct insurer, has grown tremendously over the last 10 years, including business from brokers. Please tell us about your plans in the broker space.
Rochelle: The most important thing at King Price, our CEO, all the partners and executives and all the staff working, is our culture and the way we do things differently. We do it honestly, with integrity and do it with purpose! King Price really nailed it in the direct space, and we are still highly successful. So it was important to share that same service and unique products to the broker distribution channel.
Brokers, in general, are keen on doing things differently, being able to provide insurance to their clients with ease and peace of mind, somewhat different to the traditional way of doing insurance. King Price really focuses on making your insurance journey as fun, smooth and comprehensive as possible. We are constantly looking at enhancing our products. We disrupted the market 10 years ago and we could do the same thing with the broker market.
Tony: Brokers do business in a very specific way because it is how they have always done business with other companies in terms of underwriting, client services, the platforms that they use et cetera, how will King Price practically approach these needs of the broker?
Rochelle: Since we launched the commercial division six years ago, our broker partners have written just over 2.7 billion in premium with King Price, which we truly appreciate.
Currently, we are busy expanding nationally. We are opening two new branches and we are investing quite a bit in multiple administration systems to enable our brokers to work seamlessly, being fully compliant and competitive in our market.
I think for us, it is important to carry over what we did in the direct space, to be the first one out with the quotation in the broker space. With King Price being very serious and focused on technology, we will be able to do that.
We have our training facilities on site, and our staff constantly go through product specific training. We back this up with professional and seamless broker communication.
Tony: Brokers have many choices as to where they go, why King Price?
Rochelle: Brokers are the most important part of the insurance industry, they are focused on doing the best that they can for their clients, and not only provide their clients with the best product but also with the best service. Clients become their friends and family – they strive to provide them with the best and most importantly peace of mind.
That is the way that King Price looks at our clients, our staff, and the broker channel. Who does not want to be with an insurer where you pay less for your insurance every single month?
We are professional, we offer transparency, we are loyal, and we also add a little splash of royalty in there. With the help and support of our brokers, we launched our new business insurance product.
We launched our agriculture product, including crop, which is doing very well. Our Community insurance team walked away with the coveted value achievement Award at the annual Southern Asset Management Association (SAAMA) awards for an automated claims management platform that is the first in South Africa. These are the types of things we do that really make us different and sought after in the insurance space.
Tony: From an industry perspective, what is your outlook for the broker market in general?
Rochelle: We should not forget that brokers are qualified professionals. They become a “one stop shop” for clients, offering them comprehensive insurance solutions and products.
King Price is also launching our life product, so we are not only focused on commercial business. We really want to strap in and assist the brokers with expanding, where there might be different opportunities in tough times. Our brokers should be our biggest investment as they drive insurance products into a market that is important for us all.