There is a wise old African Proverb that says “ …if you want to go far, go together”. At Stangen we believe in this wisdom and that is why we have some really exciting news to share with you…
It’s official – Stangen and King Price have joined forces to reinvent life insurance.
Together we are embarking on a journey to provide every South African with ‘no-nonsense’ life insurance cover. You focus on living your best life, and we’ll take care of the rest.
You probably have a few questions about our royal union, so why don’t we jump straight into them:
1. Shall we deal with the ‘why’ first?
Given the changing landscape of financial services in South Africa, we believe it’s time to partner with a culture-driven company, that’s constantly innovating and always putting customers at the forefront of everything they do.
Stangen already offers slick and competitive life insurance products, with digital customer experiences backed by new generation systems that other companies are jealous of. We are hungry to grow and want a shareholder that backs our vision of taking on the larger traditional players. In addition, to work with like-minded individuals that want to continue investing in our great country.
2. Who is King Price?
Really? You don’t already have your car and household insurance with them?
Only kidding 🙂
King Price launched a truly revolutionary insurance product back in 2012. Rather than charging policyholders more each year for their car insurance, King Price decided to offer a policy where your premiums decrease on a month-to-month basis. Pretty cool idea, right?
Their logic was simple – If your car depreciates in value every month, why shouldn’t your car insurance premiums also reduce?
Fast-forward seven and a bit years later, and under the steadfast leadership of Gideon Galloway (the original founder and all-round awesome guy), the company has gone from strength-to-strength. No doubt King Price is an undisputed leader in the South African non-life insurance market.
3. Why did King Price buy Stangen?
That’s a great question.
King Price has always dreamt of an innovative life insurance proposition that can disrupt the market. Through their acquisition of Stangen, they can marry their established brand and creativity with the awesome business built by the highly enthusiastic Stangen team. That’s much easier than trying to get a brand-new life insurance business off the ground.
The Stangen team is best positioned to move quickly and launch King Price Life Insurance in order to bring the same “no-nonsense” solutions to King Price customers’ life insurance needs.
This partnership has therefore made sense for both of us from the get-go. We felt it the day we entered into discussions with King Price™, and we feel it even more so now that all the regulators have given their blessing for the transaction.
So, what happens now?
Nothing. As a customer your Stangen policy won’t be affected by this change in any way. Your premiums will remain the same and so will your benefits. The ownership of our company has merely been transferred to new shareholders who are prepared to invest in your future. We will manage both brands, Stangen and King Price Life, from the same legal entity run by the same management team and staff.
In the coming weeks, we will get in touch with you to bring you up-to-speed on further developments.
For now, all you need to do is to celebrate the exciting times ahead!
Managing Director, Stangen (and King Price Life!!!)