Better consumer information on insurance products

More or better informing consumers about insurance products is the question European insurers are asking in view of the debate on the revision of the 2002 Community Directive on insurance mediation.
This issue was dominated by the Consumer Day organized by the European Insurance and Occupational Pensions Authority on 4 December 2012.
"We welcome the idea of creating a key customer information document however, it is important that such a document always shows whether the product offers insurance benefits so that consumers can make a well-informed comparison of products," said the Insurance Director. of Europe Michaela Koller.
"What it needs to ensure, Koller stressed, is that the Commission's proposals have proven benefits for consumers. The information given to customers before buying a product should help them make their decision. Not simply adding an extra level of information to current levels of pre-contractual information that could confuse consumers in a different way than encouraging them to focus on key factors, such as insurance coverage. Proposals should also be operational and should not create a disproportionate cost or administrative burden for the industry, as it could have a negative impact on the market and the products available. ”
Legislative changes, the Association of Insurance and Reinsurance Companies of Europe (Insurance Europe) notes, need to be scrutinized. Insurance Europe advocates transparency about potential conflicts of interest and remuneration of insurance product distributors as it helps consumers understand products, but should be proportionate and focused on consumer needs. Similarly, consumers who are able to purchase products without advice should be able to choose to do so.

Article republished by: News Team /


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