Insurance Europe has today published an insight briefing that outlines several components that need to be included in the design of the insurance product information document (IPID) to ensure that it is a useful tool in helping consumers to make informed decisions when buying insurance products.
The insight briefing, which is intended to feed into the work of the European Insurance and Occupational Pensions Authority’s (EIOPA) as it develops rules for how the IPID is formatted, stresses that the IPID should be easy to navigate. The briefing says this can be achieved through the use of easily understood icons and text, which help to draw the consumer’s attention to relevant sections and to quickly identify important information.
It also points out that consumers need to be able to tell one IPID from another, and that a way to help them to keep track of the different IPIDs is to allow insurers to include their corporate identities in the design of the IPID.
The briefing also draws attention to Insurance Europe’s own proposed format for the standardised IPID for non-life insurance products, which meets all of the necessary information requirements set out under the directive and ensures a digital-friendly approach that complements the growing trend of digitalisation in financial services.
Insurance Europe has also responded to an EIOPA consultation on draft implementing technical standards regarding the IPID. The response is available here.