The aim of this study is to identify and prioritize factors that determine the reputation of insurance companies in Germany and Slovakia. After gaining an overview of the status of the issue through a systematic literature review, the insurers' perspective was examined. The customers' perspective was then examined by means of an online survey, which was answered by 224 insurance customers in Germany and Slovakia. The study showed that other factors often determine reputation in the insurance industry compared to other industries. Based on the results of the study, a 10-point plan was developed that provides insurers with a basis for reputation management in order to eliminate potential reputational risks in advance and prevent reputational damage.