Mumbai: PwC India has unveiled its Trust Barometer, a diagnostic tool aimed at helping the non-life insurance industry evaluate and enhance trust across their business lifecycle. This groundbreaking tool offers insurers a comprehensive assessment using over 50 parameters, covering everything from organizational values and regulatory perspectives to customer experience. The Trust Barometer fills a significant gap, offering insurance companies a clear framework to measure their efforts in building trust with policyholders—especially in distressing situations like accidents, illness, and hospitalization.
The Trust Barometer is designed to evaluate insurers’ performance across three critical stages: embedding trust into business operations, enabling trust through customer-friendly experiences, and evoking trust by ensuring regulatory compliance and confidence among stakeholders. By using publicly available data, the tool provides an in-depth look at how well an insurer is integrating trust-building practices across its strategy and operations.
Amit Roy, Partner and Leader – Insurance and Allied Businesses at PwC India, commented, “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 at PwC India, added, “PwC India’s Trust Barometer is built on a 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.”
The Trust Barometer addresses the longstanding challenge of measuring trust in a systematic, lifecycle-based manner. It evaluates insurers on three primary areas:
- Organizational Philosophy, Values, and Strategy – Examining how well insurers are integrating trust into their strategies, policies, and operational practices.
- Customer Experience – Assessing the measures taken by insurers to enable trust with customers, and how customers respond to these efforts.
- Regulatory Perspective – Understanding how regulators and quasi-regulators view an insurer’s performance in embedding and enabling trust.
By leveraging the Trust Barometer, insurers can pinpoint strengths and weaknesses in their strategies and operations, allowing them to make targeted improvements. This tool is poised to help non-life insurers improve their trust-building efforts, ultimately positioning them for market leadership and sustained success.
