Reputation study on the insurance sector: Folksam, Länsförsäkringar, and Hedvig are Sweden’s top organizations
The Reputation & Trust 2024 study of the Swedish insurance sector shows that only three organizations in the sector have a good reputation: Folksam, Länsförsäkringar, and Hedvig.
Reputation and Trust Analytics surveyed the reputations of 14 organizations between May 10 and June 6, 2024, with a total of 2,675 respondents. Of the top three organizations, Folksam had a reputation score of 3.61, Länsförsäkringar 3.53, and Hedvig 3.50. Trygg Hansa falls within the statistical margin of error for a good reputation (starting at a score of 3.50).
The Reputation & Trust survey model calculates a reputation score for each organization on a scale of 1 to 5.
Organization | Reputation
- Folksam 3.61
- Länsförsäkringar 3.53
- Hedvig 3.50
- Trygg Hansa 3.49
- ICA Insurance 3.42
- Skandia 3.41
- Dina Insurance 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 organizations among the general public. The rankings are based on the reputation scores given to the organizations by the Swedish general public.
– Apart from the top three organizations, all others are rated at a moderate level. It is surprising to find that only three insurance companies score a “good” rating. The insurance industry is a business that sells security through trust, so we would have expected to see more organizations with a good reputation score, 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 problematic in this industry because customers need to be able to rely on their insurance company when they need it most. Reputation is therefore a vital asset for organizations 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 represent the general public’s views on the industry.
The insurance industry’s reputation score is 3.22. This represents a moderate level of reputation, below the “good” level, which starts at 3.50.
The survey shows that the industry’s financial performance is considered the best-performing aspect. The worst-performing aspects of the insurance sector are responsibility, products and services, customer engagement, and governance.
– Insurance companies’ services are generally perceived as being rather expensive relative to the value they provide. Other common areas with relatively low ratings include accountability, governance, and dialogue. Perceptions of financial performance are quite high compared to previous assessments, Ruokolahti concludes.
This is how we conducted the survey
The objective of the Reputation&Trust 2024 study on the Swedish insurance sector was to understand the reputation of the selected insurance companies among Swedes. The survey data was collected via an online questionnaire between May 10 and June 3, 2024.
The organizations were assessed using the Reputation&Trust survey model, in which an organization’s reputation score is the average of eight different dimensions of reputation. These are Governance, Financial Performance, Leadership, Innovation, Dialogue, Products & Services, Workplace, and Responsibility. The survey uses a five-point rating scale (1–5). A total of 2,675 Swedes participated in the survey.
The survey sample consisted of Swedes aged 15 to 65 from across the country. The sample is weighted by gender, age, and residential area to be representative of 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 organizations 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 organizations steer their business in a more competitive and sustainable direction based on insights.
Reputation and Trust Analytics is a subsidiary of the Finnish company T-Media, which introduced the survey model in 2013. Since then, it has been used more than 2,000 times worldwide and is utilized by all universities in Finland, 22 of Finland’s 25 largest companies, and numerous government organizations. Reputation and Trust Analytics opened its local office in Sweden in January 2024.
