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The draft ITS will improve the quality and accessibility of the information given to consumers before purchasing non-life insurance products such as motor insurance or home contents insurance.
EIOPA proposes a standardised presentation format for the IPID, which provides consumers across the European Union for the first time with concise, simple, and comparable information about non-life insurance products and by this, be able to take an informed decision when purchasing the insurance product. The proposed design is based on extensive consumer testing and on the input from different stakeholders obtained via public consultation.
The key features of non-life insurance products are presented in a simple and easy to understand Questions & Answers format. The proposed design also takes into account how information will be presented via digital media, for instance by allowing the layout of the information to adjust on the small screen of a mobile device.
Gabriel Bernardino, Chairman of EIOPA, said: “The Insurance Product Information Document is another major step forward in enhancing the confidence of consumers in insurance products and in strengthening consumer protection. The proposed design provides the key information about an insurance product in a clear, concise and accessible manner. Consumers, who typically might not read lengthy pre-contractual information, will now be empowered to compare different non-life insurance products and to make informed decisions”.
Draft Implementing Technical Standards