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PwC India launches its trust barometer to measure and strengthen trust in the Indian non-life insurance industry.
A diagnostic tool providing a trust score based on 50+ comprehensive parameters ranging from organisational values, regulatory perspectives to customer experience.
Mumbai, 16 December, 2024: PwC India today announced the launch of a trust barometer for the non-life insurance industry to help them evaluate their performance in embedding, enabling, and evoking trust across their business lifecycle. The barometer fills a critical gap by providing insurers with a tool to assess their performance in building trust with policyholders, who rely on timely support during distressing situations like accidents, illness, and hospitalisation.
Developed from publicly available information, the trust barometer, with over 50 parameters, serves as a diagnostic tool to help companies evaluate their performances across the three stages of embedment, enablement and evocation within the trust lifecycle. It can be used to assess how well insurers are integrating trust-building practices into every aspect of their strategy and operations (embedment), creating accessible and customer-friendly experiences (enablement), and ensuring regulatory compliance to inspire confidence among stakeholders (evocation).
Commenting on the barometer, Amit Roy, Partner and Leader – Insurance and Allied Businesses, PwC India said, “Trust is the cornerstone of the insurance industry, shaping relationships between insurers and stakeholders. Using a scientific tool like the trust barometer, we can empower non-life insurers to take a strategic approach to trust-building by identifying gaps in their current practices and designing targeted solutions. By embedding trust into every aspect of their operations, insurers can not only enhance stakeholder confidence but also drive long-term growth and competitive advantage.”
Raghav Narsalay, Partner and Leader - Research and Insights Hub, PwC India said, “PwC India’s trust barometer is built on robust and scientific methodology, leveraging carefully defined parameters to provide a comprehensive evaluation of trust across the non-life insurance lifecycle. By combining qualitative insights with data-driven analysis, the barometer offers insurers a precise diagnostic tool to measure their performance, identify gaps, and build actionable strategies for fostering trust with their stakeholders.”
While trust is strategically relevant for the growth of the insurance industry, it’s always been a challenge to measure it scientifically and systematically – from a lifecycle perspective. The trust barometer can help the non-life insurance industry diagnose its performance on the trust lifecycle across three primary areas:
· Organisational philosophy, values and strategy – focusing on investigating the actions taken by the insurer to embed trust into its business strategies, policies, business and operational practices.
· Customer experience – focusing on examining the measures taken by the insurer that enable trust with customers, and the responses of customers.
· Regulators/quasi-regulators’ perspective – factoring in the response the insurer’s performance in areas of embedding and enabling trust evokes from regulatory and quasi-regulatory bodies.
Assessments based on the trust barometer can be used to identify and highlight the current gaps/strengths in the strategies, policies, business and operational practices of the insurer towards building trust at the level of individual insurers. It will also help outline the actions to be taken by the insurer to leverage trust for gaining and sustaining market leadership.
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