King Price Insurance enters Namibian market 0 South African short-term insurance provider King Price made its Namibian debut on Saturday. Leading the Namibian company is CEO Justinus van der Westhuyzen, who boasts broad experience in the local insurance market.
“We believe that the King Price modus operandi will capture the imaginations of Namibians and will help shake up the industry,” Van der Westhuyzen said, arguing that the company had established a reputation in South Africa for disrupting the industry with its unique pricing model, including insurance premiums that decrease monthly.
Explaining the model using car premiums, the company notes how the typical insurance premium would remain the same throughout, or increase annually, even as the vehicle’s value depreciates monthly.
At King Price, they say, premiums decrease as the value of the car does.
The argument behind the company’s pricing model, it says, is based on the knowledge that everything a company does better than its competitors (including offering superior products or service), attracts customers.
A higher client base, they say, in turn results in higher returns, leaving said company in a privileged position to lower prices.
“When we recognise the truth here at King Price, we shout it out without reluctance. Therefore, we say it like it is, and that is that everything comes down to price,” Van der Westhuyzen says.
Other examples of King Price’s unique pricing include offering N$1 insurance on items such as bikes, golf clubs and hunting rifles.
The company’s partners include global leading reinsurer Munich Re as shareholder and reinsurer, along with various Namibian founders.
It also enjoys support from the South African investment group Mertech.
“We are looking forward to growing, innovating, and constantly spreading delightful confusion, while making a real difference,” Van der Westhuyzen says.
More information on King Price Insurance Namibia can be obtained from the website www.kingprice.co.na .
STAFF REPORTER