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With up to 90% of consumers using online reviews like Hellopeter to inform their buying decisions, it has become increasingly important for businesses to ensure that their reviews are on par.
One such company that’s getting it right is insurer MiWay who scooped first prize, recording the highest Net Sentiment among local insurance providers in the 2023 SA Insurance Index Report.
The report, now in its third year, was created by PwC and DataEQ and assesses the general sentiment, reputation, and operational sentiment of 15 of the main short and long-term insurers in South Africa. Positive employee feedback and suggestions on Hellopeter were important contributors to MiWay's success.
“It is easy to rest on your laurels when you are in the top spot. Complacency can set in, and you lose the urgency to be and do better. At MiWay, we don’t stop finding ways to improve our service and products and the value we offer to our clients. This is reflected not only in our number one but also in our 10% improvement from 2022. Our clients can therefore be assured that we have maintained and improved our high standards of offering affordable products and delivering excellent customer service,” says Burton Naicker, CEO of MiWay.
Delivering on its commitment to deliver an awesome customer experience, MiWay increased its sentiment score by 10% to 73.3%, which is in comparison to the average insurance industry sentiment of 16.1%.
“Factors contributing to this negative result included querying the status claims, delayed responses, and inconsistencies in feedback from staff. MiWay stands as an exception, the only insurer to receive a positive Net Sentiment of 16.7%, largely influenced by Hellopeter reviews,” reads the report.
Customers’ satisfaction with MiWay's vehicle and roadside services is the primary driver of the brand's exceptional 51.7% score in the Product Net Sentiment Index. With a score of more than 80% during this reporting period, the short-term insurer is likewise in the lead on the Operational Sentiment Index.
Insurance industry sentiment scores are still too low
While MiWay performed exceptionally well in this year's assessment, the industry scores remain low. The Net Sentiment score increased to 6.8% in 2022 and 16.1% in 2023 from a negative 0.4% in 2021.
Customers have voiced unhappiness over delayed or denied claims, prompting some to suspect that certain insurers purposefully avoided making payments. The research indicates that the claims process is a major source of concern.
“MiWay’s high scores are an outlier in this index. That is great news for our clients. Higher scores all around would be even better for the industry as a whole. For our part, we will continue to offer great service and products that meet our clients’ needs and help them protect their assets and their memories,” concludes Naicker.
This post was sponsored by MiWay and produced by Adspace Studio.
