MotorShort-term

Navigating the motor insurance environment

By: Wynand van Vuuren, head of legal at King Price
Nowadays, the pros of owning a car far outweigh the cons. I mean, who wouldn’t want to trade uncomfortable public transport for smooth sailing and their own choice of music? 
Naturally, seeing your car parked outside your house will stir up intense pride and joy in you. But, when you put in so much effort and make so many financial sacrifices to buy a car, shouldn’t you also think about protecting it? 
Car insurance is the first step in safeguarding your car against unforeseen circumstances and getting the best cover according to your needs, and the car itself should be your top priority. 
But how do you make sure that you choose an insurance company that shares the same priority, especially in an industry that is changing at a rapid pace due to technology and regulation. This means insurers need to be flexible and adapt their business models to survive. 
The digital revolution has transformed the way companies interact with customers, creating an environment where marketing, information and technology must work together. As mobile and social networks increase in popularity, consumers are relying on smartphones and tablets to research, compare prices and buy products online… Sound familiar? The key for any business then is to position their product as 1 that caters for all the consumer’s needs. 
In the present highly competitive and economically challenging environment, efficient claims settlement has become a major focus for many insurers and their customers. 
To be successful, insurers need to improve the efficiency of their claim processes and build models that can minimise claim costs as well as the unnecessary expenses associated with claims handling to place them at the forefront of industry leadership and innovation. 
Direct motor insurance will always be an essential part of the market. However, King Price has turned the industry on its head by being the only insurer that offers insurance that decreases monthly in line with the depreciating value of your car. 
As a business, we continue to think outside of the box and go the unconventional route. By simplifying our business methods, we are able to adapt and change as and when the market requires, which becomes a great benefit for our clients. 
In a nutshell, car insurance is that feeling of safety and security that comes over you when you’re on the road. We’re not saying that you can now drive like you do in Grand Theft Auto, it just means that you can focus on enjoying the road beneath your wheels without any worries. 







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