Versicherungswirtschaft-heute

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Eiopa sieht Transparenzdefizite bei Versicherern

05.12.2014 – Bernardino, EiopaMehr Transparenz bei Kosten und Gebühren, Verständlichkeit bei Unterlagen, Vergleichbarkeit von Produkten und die korrekte Regulierung von Schadenfällen mahnt die Eiopa als die To-Do’s für die Versicherer in ihrem jüngsten Consumer Trend Report an.

Among the main trends are:

Misleading advertising and sales literature, and in complete or difficult to understand information on costs and charges;

Increased cross-selling (tying & bundling) and sale of add-ons linked to large number of financial products such as protection related to loans, debit and credit cards where competition for the add-on product may not be effective and/or the add-on product is of poor added value;

Poor claims-handling or claims management in particular in the area of motor insurance;

Conflicts of interests, where life insurers select underlying funds based on the highest commissions received from fund managers

Insurers’ sales incentive schemes leading to misselling, due to insufficient steps being taken to safeguard the fair treatment of customers, reflecting failures in the proper identification and management of conflicts of interests.

It is important to note that the trends identified by Eiopa in previous reports have provided a valuable basis for Eiopa to identify, prioritise and develop targeted policy proposals.

Gabriel Bernardino, Chairman of Eiopa: “I am particularly pleased to see the progress made in this year’s Consumer Trends Report in gathering reliable data for identifying existing and upcoming developments. The report continues to be a basis for targeted action by Eiopa to protect the consumer in financial markets.” (vwh/ku)

Link: Third Consumer Trends Report can be found on Eiopas website

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