King Price has rocked the insurance world, but founder Gideon Galloway believes he has his people to thank as much as the business’s unique business model.
King Price was founded on a fraction of the usual start-up cost for an insurance company.
This meant the business needed to be the leanest in the industry, something Gideon Galloway, CEO and founder, has largely achieved through two things: A custom-made, fully integrated IT structure, and the people the business hires.
“Our business model is incredibly lean, which means we don’t allow for deadwood,” says Galloway.
“We hire the best and expect a lot from our employees, which means we need to pay them well, and create a fun, relaxed working environment that they want to be a part of.”
Keeping the best
Galloway’s strategy from the word go was to ensure that only the best of the best were employed at King Price. He’s achieved this in a number of ways.
First, the entire company, with the exception of tele-marketers, enjoys flexi-time. “We are output driven,” he explains.
“We’ve hired our managers because of their skills and reputation. I don’t micro-manage them. I give them freedom to work the way they want to work, and trust that they will always meet and exceed their targets. If they want to work from home, that’s fine.”
King Price’s sales consultants enjoy highly competitive, uncapped commission incentives.
“We made the decision to keep the commission structure uncapped because we want our sales people to have the opportunity to really earn a lot,” says Galloway. “Keeping the best sales execs is highly competitive in this industry, and we want the best. In the long run, it pays to pay them more too, because you keep them, which is our ultimate goal.”
Formal and fun
The office structure at King Price is inviting, informal and fun.
“We’re a financial services provider, so of course we take the business side of things seriously, but we want our employees to enjoy coming to work. Healthy, balanced lives make happier people and better employees, and we have a role to play in that too. Allowing for fun in the office doesn’t damage productivity. I believe in many cases it fuels productivity.”
Competitive leader boards and constant, live tracking of the business’s daily stats, from sales to claims, ensures everyone is always aware of their KPIs and whether they have been met for the day, which means the sense of fun is kept in check by the serious side of making money.
The personal touch
Galloway and his management team add to this balance by always being out and about on the company floor.
“I will walk around the entire company a few times a day chatting to our staff,” he says.
“I like to know what’s happening in their lives and let them know we care what’s happening to them outside our walls. It also gives me a clear picture of what’s happening in the business, and if any numbers aren’t right I immediately notice and we can evaluate why something isn’t tracking as expected. It keeps my finger on the pulse of the business at all times.”
Sales churn means Galloway doesn’t always know every single person’s name in the business, but within two or three days he will be familiar with any new hires.
“We aren’t directors that stay locked away in our offices,” he concludes. “Our employees and management teams are what make this business work. The closer we all are to each other, the more we feel like a team, and the more successful the business – and everyone in it – is.”