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South African Insurance Sentiment Index 2022

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?

Overview

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.

 

Register to download the South African Insurance Sentiment Index 2022 publication.

Contact us

Riaan Singh

Riaan Singh

Partner: Digital Transformation Solutions, PwC South Africa

Tel: +27 (0) 83 266 1680

Alsue  du Preez

Alsue du Preez

Africa Insurance Leader, PwC South Africa

Tel: +27 (0) 82 417 5669

Pieter Crafford

Pieter Crafford

Partner, PwC South Africa

Tel: +27 (0) 82 855 8927

Courtney  Tuck

Courtney Tuck

Manager, PwC South Africa

Tel: +27 (0) 83 601 0495

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