No Match Found
1 April 2021 - 31 March 2022
Consumers have not given up on expectations of quality, choice and service. What does that mean for the companies that serve them?
The South African Insurance Index 2022, conducted by PwC in collaboration with DataEQ, offers insight into consumer sentiment towards 15 of South Africa’s major insurers. We tracked over 480,000 public non-enterprise posts across Twitter, Hellopeter and other online sources for the period of 1 April 2021 - 31 March 2022.
When comparing to the 2021 index, where industry trends were still being impacted by COVID-19 and the resulting lockdowns, there’s been a noticeably positive shift. The South African Insurance industry achieved a positive public Net Sentiment score of 6.8%, compared with the 2021 Index score of -0.4%. This period of transition forced the industry to work differently and highlighted existing cracks in operational systems that required attention.
This year, we also saw a new wave of consumer conversation trends on social media that were driven by environmental, social, and governance (ESG) factors. The growing prevalence of ESG-related topics in online consumer conversation and the significant impact these topics have had on insurers’ Net Sentiment, highlighted consumers awareness.
Related to the governance arm of ESG, the Index once again includes a dedicated analysis of insurers’ adherence to the Financial Sector Conduct Authority’s (FSCA) Treating Customers Fairly (TCF) regulatory framework. As customer centricity remains a pivotal component of market conduct policy and law, insurers are expected to demonstrate that they are providing fair outcomes for customers. This includes having the right capabilities and solutions to effectively manage and accurately report on their complaints — both on and off social media.
Partner: Digital Transformation Solutions, PwC South Africa
Tel: +27 (0) 83 266 1680
Partner, PwC South Africa
Tel: +27 (0) 82 855 8927
Manager, PwC South Africa
Tel: +27 (0) 83 601 0495