Europe is increasingly forcing insurers to turn their product range into an open book for consumers.

Philippe Lenaers en Marc Stevens, GB Life ©Studio Dann  

Europe is producing more and more insurance regulation. It could be seen as a burden, but it can also be seen as an opportunity to modernize the system and the approach to products. The European regulation about PRIIPs (“Packaged Retail and Insurance-based Investment Products”) which came into force on January 1, 2018, requires insurers to include a financial information leaflet with their investment products, in which consumers can find all essential information. Clients are also pushing insurers towards more transparency.

Because of all these obligations, the business processes and IT platforms of many insurers needed an update. ‘This makes it very easy to see the new regulations as a burden. But that’s wrong. It is an opportunity, at least for insurers who are willing to fully integrate transparency into their offering and services to customers and brokers. Transparency becomes the core of advice and service provision, says Philippe Lenaers, Country Manager Benelux of GBLife.

“Thanks to digitization, we can greatly simplify a complex product such as life insurance,” said Marc Stevens, Chief Marketing & Distribution Officer at GB Life.

Source : De Tijd, 20 May 2019