The sector's and the Group's positioning
The reputation of the “Financial” sector is in decline, in line with the average overall trend in Italy.
With a more in-depth analysis, from a reputational standpoint you can break down the ‘Financial Services’ sector into 3 segments that have a different reputation. The insurance industry has a moderate reputation.
The factors that most influence reputation among public opinion differ depending on the sectors they belong to.
According to the Rep Trak® Italy 2018 report, the most important reputation factors in the Insurance sector are ‘Products and services’, ‘Governance’ and ‘Performance’.
The performance of reputation drivers showed that the decline was especially concentrated, in the Italian Insurance sector, in the following specific areas: Governance (among the three most important) and Citizenship, which reported increasing weakness (score < 60 points).
*59.9 was the average score of companies, recorded in Italy, belonging to the ‘Financial-Diversified’, ‘Financial-Bank’, and ‘Financial-Insurance’ segments, according to the Italy Rep Trak® 2018 ranking.
**62.7 was the average score of companies, recorded in Italy, belonging to the ‘Financial-Insurance’ segment, according to the Italy Rep Trak® 2018 ranking.
Reputation of the Unipol Group
The target set at the beginning of 2016 is to lead the Unipol Group to the strong reputational bracket (score: 70-79) by the end of the current Business Plan 2016-2018 and to ensure such figure a stable growth trend. In fact, historically such ratio is a threshold for service companies that has been exceeded permanently in only a few cases.
The Group has integrated the metrics of the RepTrak® index within its Risk Appetite Framework, setting as its risk appetite level the goal to keep the RepTrak® index with the stakeholder “Public Opinion” above 60, i.e. in the bracket “Average / Moderate (rate 60-69)”. If, as part of the quarterly monitoring, the index should steadily fall below the threshold of 60, thereby entering the bracket “Weak / Vulnerable”, the Group will promptly adopt appropriate mitigation plans.