Reputation study on insurance sector: Folksam, Länsförsäkringar and Hedvig are Sweden’s top organisations
The Reputation&Trust 2024 study of the Swedish insurance sector shows that only three organisations in the sector have a good reputation: Folksam, Länsförsäkringar and Hedvig.
Reputation and Trust Analytics surveyed the reputations of 14 organisations between 10th of May and 6th of June 2024, with a total of 2 675 respondents. Of the top three organisations, Folksam had a reputation score of 3.61, Länsförsäkringar 3.53 and Hedvig 3.50. Trygg Hansa is within the statistical margin of error for a good reputation (starting from a score of 3.50).
The Reputation&Trust survey model calculates a reputation score for each organisation on a scale of 1 to 5.
Organisation | Reputation
- Folksam 3,61
- Länsförsäkringar 3,53
- Hedvig 3,50
- Trygg Hansa 3,49
- ICA Försäkring 3,42
- Skandia 3,41
- Dina Försäkringar 3,37
- Gjensidige 3,34
- If 3,33
- Bliwa 3,20
Reputation&Trust 2024 study on the Swedish insurance sector. The survey examined the reputation of 14 organisations among the general public. The rankings are based on the reputation scores given to the organisations by the Swedish general public.
– Apart from the top three organisations, all other organisations are rated at a moderate level. It is surprising to find that only three insurance organisations score a good level. The insurance industry is a business that sells security through trust, so we would have expected to see more organisations with a good score on reputation, says Alexander Widén, Senior Advisor at Reputation And Trust Analytics.
None of the insurance companies surveyed had a poor or very poor reputation – poor being <3.00 and very poor being <2.50.
– A poor reputation leads to mistrust, which is particularly difficult in this business because customers need to be able to rely on their insurance company in times of need. Reputation is therefore a vital asset for organisations in this industry, says Riku Ruokolahti, Development Director of Reputation and Trust Analytics.
Reputation&Trust 2024 study on the Swedish insurance sector. The figures in the graph are the general public’s views on the industry.
The insurance industry’s reputation score is 3.22. This is a moderate level of reputation, below the good level, which starts at 3.50.
The survey shows that the industry’s Financial performance is seen as the best performing dimension. The poorest performing dimensions of the insurance sector are Responsibility, Products&Services, Dialogue and Governance.
– Insurance companies’ services are generally perceived to be rather expensive in relation to the value they provide. Other common dimensions with relatively low ratings are responsibility, governance and dialogue. Perceptions of financial performance are rather high compared to the previous assessments, Ruokolahti sums.
This is how we surveyed
The objective of the Reputation&Trust 2024 study on the Swedish insurance sector was to understand the reputation of the selected insurance organisations among Swedes. The survey data was collected with an electronic questionnaire between 10.5.–3.6.2024.
The organisations were assessed using Reputation&Trust survey model, where the reputation score of an organisation is the average of eight different dimensions of the reputation. These are Governance, Financial Performance, Leadership, Innovations, Dialogue, Products & Services, Workplace and Responsibility. The survey uses a five-point rating scale (1–5). 2 675 Swedes participated in the survey.
The sample of the survey targeted Swedes between 15 and 65 years of age, nationwide. The sample is weighted by gender, age and residential area to represent the entire population.
For more information contact:
Alexander Widen, Advisor, Reputation and Trust Analytics AB
+46 70 471 2332
alexander.widen@reputationandtrust.com
Riku Ruokolahti, Development Director, Reputation and Trust Analytics AB
+358 400 512 200
riku.ruokolahti@reputationandtrust.com
Reputation and Trust Analytics helps companies and organisations measure, understand and manage their reputation. Through our evidence-based and data-driven approach, we can demonstrate the impact of reputation on stakeholder trust and behavior, helping organisations to drive their business insight-driven in a more competitive and sustainable direction.
Reputation and Trust Analytics is a subsidiary of Finnish T-Media, which introduced the survey model in 2013. Since then, it has been used more than 2,000 times worldwide and is used by all universities in Finland, 22 of Finland’s 25 largest companies, and many government organisations. Reputation and Trust Analytics opened its local office in Sweden in January 2024.