A data service company has released the 2024 South African Insurance Sentiment Index which is an overview of how insurers in the country have performed based on digital customer feedback.
The index relied on more than 900,000 social media posts which were made publicly about SA’s top insurers which were retrieved from April 1, 2023 and March 31, 2024.
According to the index, which was compiled by DataEQ, King Price had the highest net sentiment overall due to the positive reviews on Hellopeter.
Customers commended the insurer’s for their efficiency and general helpfulness during the process of sign-ups and policy adjustments
Customers also engaged favourably with the brand regarding its pricing and affordability. They expressed positive sentiment towards a decrease in monthly car premiums relative to the depreciating values of their insured vehicle.
The other insurers that rounded up ranking for overall Net Sentiment include MiWay, Momentum, Santam and Auto & General.
Momentum came out on top for the reputational net sentiment, according to the index.
The index showed that Momentum’s campaigns like #SheOwnsHerSuccess and WomenWhoMakeMoves as well as events and workshops focused on financial education, leadership and personal growth boosted positivity for the insurer.
Customers of Momentum expressed admiration for the insurer’s focus on empowering women and supporting small businesses.
According to the index, the top give brands with the largest shift in Reputational Net Sentiment include King Price, Discovery, MiWay, Liberty and Auto & General.
Consumer trust was eroded by rising service delays and poor communication in the claims process.
SA consumers were frustrated by poor communication around the status of their claims often linked to short-term and vehicle insurance.
The most pressing issue across the insurance industry was prolonged turnaround time, with customers naming problems around the claims process and policy updates.
This typically occurred alongside mentions of staff, with customers:
– questioning the competency of staff members
– mentioning a lack of necessary knowledge and professionalism to handle queries and claims effectively.
Lack of response from insurers also added to the frustration of customers.
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