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King Price Leading SA Insures in Digital Innovation

By in Business, Economy, Finance on September 6, 2016

King Price may be relatively new to the South African insurance market however, it’s safe to say they’re not too interested in playing catch up. Trailblazing is more their game.

The royal insurer is at the forefront of digital technology, with the recent launch of two cutting edge digital applications including an internal real-time business-wide management app and the early adoption of Facebook at Work locally.

While completely differing in functionality and purpose, both platforms are expected to provide an important advantage against the king’s competitors. The internal business app drives performance and optimise productivity across all levels of the business, while Facebook at Work will encourage new and efficient ways of interacting.

Dr Eugene Wessels, King Price General Manager of Data Analytics said, “Unlike more established insurers with legacy infrastructure, we’re in a position to leverage off cutting edge technology, making it far easier to implement the latest digital solutions.”

King Price is the first SA insurer to implement an internal performance app of its kind, potentially laying the foundation for a completely new way of doing business across the insurance industry.

“Other insurers might wait days before performance data filters through to management. Using real time data and analytics, this app not only optimises productivity across the operation, it makes our business far more agile, enabling our top level executives to proactively manage risk and change the course of business in an instant to meet the needs of whatever is taking place at that very moment,” said Wessels.

The performance app which is currently available to chiefs, heads of department and general managers, tracks weekly, daily and real time business performance by department and individual. The app provides a detailed view of an individual’s sales or client care consultant’s performance, as well as where the individual and department fairs when it comes to monthly targets. Any red flags can be managed and rectified immediately, ensuring no surprises crop up at month end. The app also provides real-time sales analytics including policies sold, policies on cover and service experience.

While providing key operational business data, the app is also a useful performance management tool. No more perception-based decision making, the app provides executives with measurable facts on an ongoing basis, enabling executives to better assist their employees and departments to meet their Key Performance Indicators (KPIs). The performance app is expected to resonate with the millennial-heavy work force and their perceived need for instant gratification with information available immediately, at the touch of a button.

Although in its infancy, King Price is already thinking about next steps, with the app potentially being available to all employees, enabling staff to proactively manage their own performance. Game design techniques might also be thrown into the mix, tapping into the King’s dynamic employee culture and motivating employees to achieve their goals.

King Price is also the first SA insurer to trial the Facebook at Work enterprise solution, which launched today, 06 September 2016. With 76% of the king’s staff being millennials, most of the team will be familiar with the platform ensuring swift integration and uptake. The new platform aims to increase collaboration and reduce time spent on email, resulting in increased efficiency, streamlined communication and building on the king’s internal culture.

The launch of Facebook at Work and the new internal performance app are further examples of how the business strives to stay relevant and lead from the front in a highly competitive market. “Innovation is of the upmost importance in the 21st century and like customers, employees also want instant access and information, which means we have to satisfy that gratification on point and on time and not fall under the bracket of a stale offering,” concluded Wessles.