’n Boer maak ’n plan
Last year’s lockdown got us thinking. A lot. First, we realised that people were driving a whole lot less, and that wasn’t going to change any time soon. But instead of offering unsustainable discounts, we launched a whole new product, chilli, which allows our clients to ‘pay per k’. Comprehensive insurance, but based on your usage. People love it.
And that got us thinking: Where else could we be more innovative? Our ‘bobaas boer’ Kobus Stapelberg had an idea. Farmers own multi-million-rand vehicles – like tractors, harvesters, mobile irrigation systems and balers – that work incredibly hard for 3 to 6 months a year, and then often stand idle in a shed for the other 6 or 9 months. What about a product that allows them to ‘pay as they farm?’
And so, after a successful pilot project, we at King Price were delighted to launch our industry-first ‘pay as you farm’ agricultural insurance product recently, in partnership with FarmSpace and Africa Farmers Network.
Farmers get comprehensive cover for their agricultural vehicles all year round, with an annual rebate of up to 20% based on the time that the vehicles are used.
How does it work? We attach tracking devices to the insured vehicles. This allows farmers to always track their vehicles, and make fact-based, real-time decisions on their vehicles’ usage, rather than having to rely on spreadsheets and gut feel. And then the devices feed the usage information to us, to help determine their rebate. Talk about win-win.
Technology, and data analytics, are game-changers for us. As an example, we’re among the few insurers in the country to offer theft cover for livestock, dependent on a farmer’s ability to maintain rigorous herd management practices. And while we’ve only been in the agri space since 2019, the sky’s the limit. Using drones for farm security and animal management? Watch this space. Ladies and gentlemen, start your tractors.
Passionate about Product Innovation, Product Strategy and Product Marketing
3 年Great innovation and disruption!!! Congrats Gideon Galloway and KP Team!
Insurance Broker, Fintech, FMCG, Property Development Industries!
3 年Innovative product design that is target market oriented is always the best as it addresses a particular need. That is impressive!
Summer Associate at BCG | Student at the Wharton School
3 年How do I say this... when I look at any content from KP I don’t get ‘racially inclusive vibes.’ It’s very concerning for me, both as an actuarial student and as one of milllions of black middle-income consumers. What would I like to see? Honestly I’m not sure. Just something that implicitly adds value to the lives of millions of black people. Implicitly. Some sign that in the minds of top management, ‘real value for our customers’ also means ‘real value for the possibly large number of our black and middle-income customers.’ We live in a mostly-black country. Insurance is a mostly-middle-income product. If you’re not thinking consciously about black middle-income clients, and you’re running a highly successful South African insurer, maybe your company is doing more harm than good? I just ended that level-headed comment with a heavy-handed question????♂? But I’m still here and I’m still sincere. Whoever’s out there, I’m trying to start a discussion about #ResponsibleEntrepreneurship. Let’s talk
Design Executive & Educator | Elevating Global UX & CX | Anchor and driver of putting Batho Pele (People First) while doing great things every day
3 年Dobyl Malubane Maluta Netshaulu