South African Insurance Sentiment Index

1 April 2020 – 30 March 2021

What factors drove positive and negative sentiment towards insurers?

The COVID-19 pandemic has fundamentally changed the insurance landscape and created a significant shift in consumers’ behaviour and expectations. Subsequently, there has been a reduction in new business volumes, while lapse rates and claims have increased across most products and segments.

It is against this tumultuous backdrop that the 2021 South African Insurance Index, conducted by PwC in collaboration with BrandsEye, offers insight into consumer sentiment towards 15 of the country’s major insurers. The data is based on unsolicited feedback from consumers — customers and non-customers alike — which offers insurers a unique view of how people perceive them, and where the opportunities for differentiation lie.

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With ever-evolving service channels and customer needs, comes an increased expectation for organisations and employees to deliver around-the-clock, real-time service. While challenging, these high expectations offer the opportunity for exceptional service providers to delight, innovate and grow.

Critical to the success of this growth path is the transition from traditional, transactional performance indicators to more experience-focused measurements, supported by data that integrates multiple customer feedback sources. The collection and analysis of ongoing, actionable insights can deepen the understanding of what drives customer value and key behaviours, protecting and driving future revenue streams.