The State of the Service Economy Survey (SOSES) is an annual national study sponsored by ZB Financial Holdings Limited in partnership with The Financial Gazette and Tatu Advertising. Its purpose is to measure service delivery across Zimbabwe’s economy and identify practical pathways for improving service quality.
The 2024 SOSES findings place the Insurance Sector under the spotlight, revealing clear customer expectations, persistent service gaps, and actionable recommendations that can redefine trust and performance within the industry.
Why Service Quality Matters in Insurance
Insurance is fundamentally built on trust. Customers pay premiums today in exchange for the promise of protection tomorrow. As such, service quality is not a “nice to have”; it is central to the credibility and sustainability of the insurance industry.
According to the World Bank, services account for up to 70–80% of GDP in developed economies and up to 60% in developing economies. Zimbabwe’s ambition to become an upper-middle-income economy by 2030, therefore, depends heavily on improving service delivery across key sectors, including insurance.
Key SOSES Performance Indicators for the Insurance Sector
The SOSES survey uses internationally recognised customer experience metrics to assess service performance. In 2024, the insurance sector recorded the following results:
Customer Satisfaction Index (CSI): 76%
Customer Effort Score (CES): 66%
Customer Experience (CX): 75%
Sectorial SOSES Service Index (SSI): 72%
While these results show moderate performance, they also indicate significant room for improvement, particularly in reducing customer effort and improving service consistency.
What Insurance Customers Care About Most
The survey clearly shows that claims handling is the single most important driver of customer satisfaction in the insurance sector.
- Paying claims on time (58%)
- Speed of claim processing (56%)
- Meeting promises made to customers (35%)
- Speed of service delivery (33%)
- Regular and timeous communication (30%)
- Functional digital platforms (29%)
- Service delivery innovation (28%)
Nearly one in four customers explicitly called for innovation, signalling growing demand for digital solutions that simplify onboarding, premium payments, and claims processing.
Critical Service Issues Facing the Insurance Sector
SOSES 2024 identifies several structural and operational challenges that continue to affect service delivery within the insurance industry:
- Delays in claim settlement
- Erosion of policy value due to inflation and currency changes
- Product misalignment with customer needs
- Macroeconomic instability
- Skills gaps in customer service delivery
Key Recommendations from SOSES 2024
To close service gaps and rebuild trust, the survey outlines several practical actions for insurance providers:
- Strict adherence to regulatory requirements mandating claim settlement within seven days
- Innovative solutions to protect policy value against inflation
- Thorough customer needs analysis and flexible product design
- Continuous training in customer service and Treating Customers Fairly (TCF)
- Collaboration with policymakers on macroeconomic stability
- Investment in technology for onboarding, payments, and claims
- Active collection and use of customer feedback
“So please call on us, talk to us and tell us how we can make you happy.”
Going Beyond for the Customer
The SOSES 2024 findings are a call to action for the insurance sector. Customers are clear about what they value: reliability, speed, transparency, and innovation.
By embracing customer-centric strategies and leveraging technology, insurance providers can move beyond compliance to deliver experiences that build lasting trust and loyalty.
