Commenting on the publication of a European Insurance and Occupational Pensions Authority (EIOPA) consultation regarding the format of a standardised insurance product information document (IPID), William Vidonja, head of conduct of business at Insurance Europe, said:
“The Insurance Distribution Directive sets out the content of the IPID. It is now important to get the format right, so that the IPID truly benefits consumers. As such, Insurance Europe has already developed its own proposed format for the IPID for non-life insurance products, to provide input to work by EIOPA and the European Commission.
“Insurance Europe’s proposal intends to achieve a solution that is both consumer-friendly and that works in both paper and digital formats. For example, the use of icons will help to draw the consumer’s attention to the different sections to identify relevant information quickly and make the document simple and easy to read.
“The proposal 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.”