MiWay has held on to its first-place position in the 2023 SA Insurance Index Report, once again recording the highest Net Sentiment among local insurance providers.
This position is proof that the company is delivering on its promise of outstanding client experience - a win for both the insurer and its clients.
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%.
Now in its third year, the industry report published by PwC in collaboration with DataEQ, measures overall sentiment, as well as reputation and operational sentiment of 15 of South Africa’s major short and long-term insurers. Employee praise and recommendations on Hellopeter were key contributing factors to MiWay’s performance.
Burton Naicker, CEO of MiWay says that business is especially pleased with the results as they are further improvement from the 2022 report.
“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.”
Top of the products and claims’ rankings
MiWay achieved an impressive 51.7% score within the Product Net Sentiment Index which is primarily driven by customers reporting satisfaction with the brand’s Vehicle and Roadside services. The short-term insurer also leads the Operational Sentiment Index with a score of over 80% in this reporting period.
Naicker says these scores highlight that MiWay has focused on and delivered what consumers want and need. “Consumers are looking for an insurance partner that will offer them value and be there for them when in need of services. Insurers must listen to their customers' needs and offer solutions that are accessible, fast, and efficient - especially at the claim stage. These are MiWay promises that we deliver every day.”
He is also pleased that MiWay’s educational marketing campaigns have received high levels of praise from clients.
“Our basic product is providing short-term insurance products. We however add value to our clients’ lives with MiWay’s roadside assistance and Miguard which provides personal armed response services. Our insurance gives our clients security as they know their assets are protected, and our value-adds make owning that asset hassle-free.”
Naicker is adamant that the achievements of the short-term insurer are down to its staff and overall business culture.
“Our scores in the 2023 insurance sentiment index are a result of the hard work of our fantastic teams. We
recruit, train, and retain the best in the industry, and judging from the praise our employees receive, we are delivering on our promise.”
Insurance industry sentiment scores are still too low
Despite MiWay’s excellent performance in this year’s report, the industry scores are still low. In 2021, the net sentiment score was a negative 0.4%, rising to 6.8% in 2022 and 16.1% in 2023.
Some of the concerns raised by clients have been that insurers don’t listen to them, understand their needs, and are difficult to interact with and get claims paid.
According to the report, the claims process is a significant area of concern, with customers voicing dissatisfaction over delayed or denied claims, leading some to speculate that certain insurers deliberately avoided making payments. Naicker explains that it starts with uncomplicated products and processes, empathetic people, and greater awareness of products and claims, including industry numbers of claims paid.
He concludes: “MiWay’s high scores are an outlier in this index. That is great news for our clients. Higher scores all round 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.”