How review sites are changing consumer perceptions towards insurers
Written by Leanne Smit, Senior Analyst at DataEQ
In the age of digital feedback, review sites like Trustpilot in the UK and Hellopeter in South Africa are reshaping how customers view their insurers. These platforms are key in improving corporate reputations and improving Net Sentiment at both industry and brand levels.
In the UK, Trustpilot reviews have profoundly influenced the insurance industry’s Net Sentiment. According to findings from DataEQ’s UK Insurance Index 2024, which analysed over 300,000 consumer posts from Trustpilot and X, industry Net Sentiment plummeted from 25% to -43% when review data was excluded.
Responsive and supportive customer service, efficient claims handling, and clear communication about policy details and claims procedures are some of the key factors driving positive reviews from UK consumers. These elements significantly enhance both trust and overall satisfaction among consumers, leading to improved Net Sentiment scores across the board.
This trend was also identified in DataEQ’s 2024 SA Insurance Index. After analysing over 900 000 online public posts, it was found that Hellopeter reviews significantly boosted both overall and operational Net Sentiment. Without Hellopeter data, overall industry Net Sentiment fell from 18% to 4%, and operational Net Sentiment drastically dropped from 39% to -41%. This is a trend that has been evident in the insurance industry for the last three years, with the volume of HelloPeter conversation continuing to rise year-on-year, while Net Sentiment during this same period has also risen.
Positive post-service interactions, praise for staff efficiency during policy sign-ups and adjustments, as well as favourable comments on pricing and affordability have contributed to be key factors driving positive reviews from South African consumers.
Consumers increasingly rely on review sites to gauge insurer credibility and reliability before committing to policies. This underscores the necessity for insurers to actively engage with these platforms to positively influence consumer perceptions, alongside organic channels like social media. Insurers that master online reputation management gain a competitive edge, leading to superior market positioning and enhanced customer loyalty, which are critical in a competitive industry like insurance.
One way to boost the volume of positivity for a brand is through the strategic use of invited reviews. As customers are less likely to leave positive reviews of their own accord, insurers could send out invites to elicit feedback at different points throughout the customer journey. By leveraging this, insurers can aim to increase their appeal and ultimately attract new customers.
Review sites are more than just platforms for customer feedback; they are essential tools for strategic customer relationship management and brand positioning. Insurers that effectively utilise these resources not only improve their reputation but also achieve tangible business outcomes. As customer platforms continue to evolve, their role in shaping business strategies becomes increasingly significant, making it crucial for the insurance industry to embrace these changes and harness the power of customer feedback for future growth and sustainability.
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