Financial education has a vital role to play in ensuring that European citizens are equipped with the knowledge, confidence and skills necessary to improve their understanding of financial products and concepts. It is a core life skill that needs to be developed and nurtured as early as possible to encourage responsible financial behaviour and to engender the necessary confidence to take charge of one’s own financial future.

  

Boosting financial literacy: European insurance industry initiatives

The European insurance industry is engaged in a wide range of initiatives to increase people’s financial literacy and understanding of insurance. A selection of these initiatives can be found in the dropdown menus below.

Teaching and training
 
 

 

Schools
 
                              

 

 
Educational games
 
            

 

 
Awareness-raising
 
 
Campaigns
 

National insurance associations have developed a variety of initiatives, tailored to specific groups, to help them better understand insurance concepts and how these apply to them.

Sound levels of risk awareness enable them to develop the necessary knowledge, understanding and confidence to appraise and understand the policies they require, to know where to look for additional information or advice when needed, and to take informed decisions about how to protect themselves and their relatives through proactive and responsible approaches to their risk exposure and insurance coverage.

                           

 

 
Brochures
 

Despite the rise in online tools, publications and brochures remain an important way of delivering information to people about the role of insurance products in their everyday lives.

                 

 

 
Digital channels
 
 
General consumer websites and advice services
 
                      

 

 
Comparison websites
 
         

 

 
Online calculators
 
         

 

 
Pension tracking tools
 
            

 

 
Global Money Week
 
 

Insurance Europe supports Global Money Week, an annual event initiated by Child & Youth Finance International (CYFI), with local and regional events and activities aimed at inspiring children and youth to learn about money, saving, creating livelihoods, gaining employment and becoming an entrepreneur.

Held in March each year, it sees a range of events, activities, projects and competitions taking place in over 130 countries worldwide, aimed at creating awareness, challenging out-of-date financial policies and giving young people the tools and inspiration they need to shape their own future.

Insurance Europe members are also involved in activities during their national money weeks, which coincide with Global Money Week.

                

 

 
Insurance Europe activities
 
 

Technological innovations are changing our lives faster than ever before. From consumer websites to mobile phones applications, there are now more ways to communicate with individuals about their finances. In terms of financial education, one of the great benefits of improved technological resources and tools is the potential to reach a wider section of the public, which can lead to higher levels of financial inclusion in the population as a whole.

Insurance Europe produced a publication showcasing some of the many initiatives its member associations undertake. Called “Financial education in a digital age — initiatives by the European insurance industry”, the publication seeks to inspire those engaged in financial education and disseminate best practice. These examples can also be found on this webpage and in our interactive consumer focus tool.

Publication: Financial education in a digital age Policy recommendations 

Interactive consumer focus tool

 

Protecting your family

Insurance Europe developed the short animation below to explain the role of insurance in our society and the contributions it makes to the economy.

 

European Platform for Financial Education

Insurance Europe is a founding member of the European Platform for Financial Education, which was launched in February 2017. The Platform’s aims are to pool knowledge and coordinate initiatives to promote financial education and boost financial literacy, particularly among young people and entrepreneurs, and to encourage EU-level leadership in this field.

 

Global Money Week

Insurance Europe also supports and participates in the Global Money Week. The Global Money Week aims to teach children and youth about money, saving, creating livelihoods, gaining employment and becoming an entrepreneur. Every year activities are organised to create awareness, challenge out of date financial policies and give young people the tools and inspiration they need to shape their own future.

 

For more information, see also the article on the financial education in our Annual Report 2016-2017.

 

Belgium

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Beter Zeker

Students aged between 16 and 18 and teachers can use the educational website ”Beter Zeker” that has been developed by Assuralia, the Belgian insurance association, to learn more about insurance. Teachers have the possibility to construct a lesson about insurance that fits the needs of their students, as they follow a virtual lesson about insurance with examples such as what to do about the financial consequences of a skiing accident.

[email protected]

Assuralia’s [email protected] website is an online platform that allows secondary school teachers (and students) to search for generic and accurate information on insurance. Different topics and issues are covered, such as the difficulties that the Belgian pension system will face due to demographic changes.

Lifelong learning: young entrepeneurs

The Flemish Enterprises Association (VOKA) has developed a mentoring programme called PLATO which offers opportunities to raise insurance awareness among young entrepreneurs. More experienced managers of small- and medium-sized enterprises (SMEs) act as mentors to a younger generation of SME managers through a programme focusing on various aspects of SME management. Assuralia appears as a guest speaker in the programme meetings.

 

Croatia

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The Croatian Insurance Bureau and its members regularly undertake educational activities in co-operation with faculties and secondary schools (not only in the framework of the Global Money Week), mostly in the form of lectures, workshops, media presentations, co-operation with the Education and Teacher Training Agency and financial literacy training of teachers in the framework of interdisciplinary civic education in primary and secondary school curricula.

 

Finland

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Finance Finland, the association for the financial industry in Finland, has contributed to school curricula and study materials for schools, including compulsory, upper secondary and vocational school materials, through the Ministry of Education and Culture. Financial education is being added to the curriculum starting in the 4th grade (11-year-olds) from 2017.

Zaldo

One example is the award-winning website “Zaldo” for 9th-grade students and their teachers that was developed in 2011. It is a gamified learning environment that teaches personal financial skills and money management.

Finance Finland, the Finnish Financial Ombudsman Bureau (FINE) and Junior Achievement Finland also organise a Zaldo competition every year. In 2016, more than 100 9th-grade school classes participated in the Zaldo competition, which tested the financial knowledge of 15 to 16-year-old students.

Economic guru

Finland's annual Talousguru (“Economic Guru”) is a nationwide financial knowledge competition organised for pupils aged between 16 and 19 in approximately 100 schools by Finance Finland and its partners. Teachers can also contact representatives of local insurance companies and banks via the federation’s website to invite them to speak to pupils about financial issues and services.

In 2017, the regular competition was complemented by a YouTube vlog contest (#tubetatonni). The idea was for young vloggers to give everyday personal finance tips and perspectives on the theme “Me and my money”.

 

Greece

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The Hellenic Association of Insurance Companies (HAIC) has developed an educational training programme for children in cooperation with Junior Achievement Greece, a member of JA worldwide. The programme aims to familiarise children with the key concepts of private insurance and targets pupils in the last class of elementary school and the first class of high school. A pilot of this training programme will be conducted in February and March 2018. After that the programme will be evaluated in order to ensure its continuity and long-term success.

 

Hungary

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The Hungarian insurance association (MABISZ) has developed a detailed educational training programme with materials that provide general financial education to young people (aged 17 to 19). The insurance materials were approved and published by the Hungarian Institute for Educational Research and Development in 2016. Insurance has been part of the national teaching programme since 2013.

 

Iceland

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Financial education is an issue that has enjoyed a great deal of attention in Iceland in recent years. Even though there is no official national financial education strategy, the Ministry of Education has been promoting financial education in secondary schools and junior colleges for a couple of years to increase the focus on financial education in the official curriculum.

Fjármálavit

In addition, the Icelandic Financial Services Association (SFF) started its own project on financial education, called “Fjármálavit“ (financial knowledge), to raise the financial literacy of 13 to 15-year-old children. The project consists of educational material that can be used by teachers in their classes and visits by members of the SFF throughout the year to schools to provide Fjármálavit lessons.

The Fjármálavit project was launched during Icelandic Money Week in March 2015, which coincided with Global Money Week. During the week, SFF members visited schools with the Fjármálavit educational material. Since then, Fjármálavit has been introduced to more than 90% of 15-year-old students. The school visits by SFF members continue throughout the academic year.

The education material is available on a dedicated website and there is also a Facebook page with pictures and videos of school visits. In terms of insurance, Fjármálavit mainly focuses on risk awareness and on the importance of insurance.

 

Italy

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Io & i rischi

"Io & i rischi" (Me & Risks) is an initiative aimed at preventing risks and promoting an insurance culture among young Italian students. It focuses on concepts such as risks, damage management, sharing the burden of risks, managing resources according to medium and long-term goals, and retirement planning. The Italian Association of Insurance Companies (ANIA) launched the initiative through the Forum ANIA-Consumatori, a non-profit foundation that includes several consumer associations. In just a few years, over 90 000 students have been involved in this project.

A variety of materials have been produced for middle schools and high schools for this initiative, including guides and flashcards for teachers and worksheets, slides and game magazines for students. The project also includes a test of the skills learned.

Gran Premio di Matematica Applicata

The “Gran Premio di Matematica Applicata” (Grand Prix of Applied Mathematics) was developed by Italy's Forum ANIA — Consumatori (comprising representatives of insurance companies and consumer associations) together with the Università Cattolica del Sacro Cuore in Milan to show students how their logical and mathematical knowledge can be applied in everyday life. In addition, the initiative informs students about careers as an actuary. During the 2015/2016 academic year, the XV edition of the “Gran Premio di Matematica Applicata” involved over 7 500 students.

 

Netherlands

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Wijzer in geldzaken

Wijzer in geldzaken” (Money Wise), which is hosted by the Ministry of Finance. HM Queen Máxima is the honorary chair of the platform, which aims to help Dutch citizens become financially resilient using online tools and the campaigns “Pension3Days” and “Money Week”. The VVN participates in these campaigns.

MonyWays & Fix je Risk

The VVN also provides insurance education to community college students in cooperation with Nibud (the National Institute for Family Finance Information). These students are one of the vulnerable groups in society when it comes to financial independence. Its “MoneyWays” programme involves lessons by young role models, rather than teachers, about taking risks and the usefulness of and need for insurance. The VVN also provides “Fix je Risk” (Fix your Risk) lessons to primary schools. HM Queen Máxima has attended both a MoneyWays lesson and a Fix je Risk lesson.

 

Norway

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Training programme for lower and higher secondary schools

Finance Norway, the association for the financial industry in Norway, has developed a personal finance training programme for more than 30 000 secondary school students, including questions about pensions and non-life insurance, in close cooperation with Ungt Entreprenørskap, the Norwegian member of JA Europe (which provides education programmes for entrepreneurship, work readiness and financial literacy). Together they have created “Economics for success” for lower secondary schools and “Run your own life” for higher secondary schools.

“Economics for success” has been teaching young people about the relationship between income, spending and savings since 2008. Every year there has been increased interest from schools from all over the country. The programme has developed over the years, and insurance has been added as a separate module.

“Run your own life” is a digital tool introduced into schools in 2015 that teaches students about the relationship between income, spending and saving and the consequences of different financial choices. It draws their attention to what will affect their ability to finance their first home, such as the high house prices that have existed in Norway for many years.

 

Portugal

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Portugal Seguro

The Portuguese Insurance Association (APS) launched an “insurance and citizenship” financial education website for children in 2015. The interactive website revolves around a teen band travelling around Portugal and encountering problems along the way. It includes books and manuals for teachers, videos, interactive books and other tools and an insurance library.

 

Spain

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Aprendo Seguro

To increase awareness among high school students about risk and how insurance helps to deal with it, the Spanish Insurers Association (UNESPA) developed “Aprendo Seguro” (I learn to be safe/ to be sure/about insurance) in 2016. This initiative promotes the basic concepts of insurance to high school students through a website with tests in four subjects: Spanish language; English as a foreign language; mathematics; and history and geography. UNESPA developed this initiative in collaboration with two federations of non-state schools.

“Aprendo Seguro” is part of UNESPA’s “Estamos Seguros” campaign.

 

Austria

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Less risk — more fun

The Austrian Insurance Association (VVO) has developed a board game “Less risk — more fun” in cooperation with experts from the education sector (the Initiative for Teaching Entrepreneurship and the Kirchliche Pädagogische Hochschule Wien). By playing the game, children can learn to assess risks at different stages in their lives and how to minimise them. The game has been distributed free of charge to 3 000 schools in Austria and has recently been translated into Croatian and Macedonian as part of the VVO’s central and eastern European activities.

 

Croatia

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Less risk — more fun

Demonstrating how national initiatives can serve as inspiration for others, the Croatian Insurance Bureau sought approval from the Austrian Insurance Association for translating, printing and using its board game “Less risk — more fun” (see Austria in this section).

The game is aimed at children and has been distributed to all primary and secondary schools on the occasion of the Global Money Week 2017 with the help of representatives of insurance companies. It was sponsored by the Ministry of Finance and the Ministry of Science and Education.

The Croatian Insurance Bureau organises financial education workshops at high schools. During these workshops insurance concepts are explained to the children. This is follwed by playing the the “Less risk — more fun” game. The game has received very good feedback from the children.

 

Germany

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Safety 1st

Safety 1st” is a tool/website that provides an accessible introduction to social insurance and private pensions for young adults and their teachers. It is a joint venture between the German Insurance Association (GDV) and the youth foundation Stiftung Jugend und Bildung. Through a game called “Way of Life”, available online and as mobile application, young adults can practice making decisions in different areas of life, such as economics and finance.

 

Netherlands

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The Dutch Association of Insurers (VVN) is founding father and partner of the Dutch “Week van het geld”, which is scheduled to coincide with Global Money Week. This initiative is led by the “Platform Wijzer in Geldzaken” (the Money Wise platform), which promotes financial responsible behavior and is set up by the Ministry of Finance.

Fix je risk

During the “Week van het Geld” various insurance professionals visit classrooms to teach “Fix je Risk” insurance lessons to 10-12 year-old children at primary schools. The goals of these lessons are:

  • To teach the children that risks exist (e.g. personal property breaking, theft and fire), and that these risks have financial consequences.
  • To teach the children know what insurance is and what it is for.

The duration of a “Fix je Risk” lesson is one hour: 30 minutes theory and 30 minutes gamification of this theory. To make the guest lessons more interactive, the VVN developed a new digital game in 2017. The success of the game also translated into a record of 859 guests lectures given in 2017. The game will be further developed in 2018. There is an instruction video on the “Fix je Risk” website. The VVN makes the program including the game available for other countries to use.

 

Portugal

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The Portuguese Insurance Association (APS) launched an “insurance and citizenship” financial education website for children in 2015. The interactive website revolves around a teen band travelling around Portugal and encountering problems along the way. It includes books and manuals for teachers, videos, interactive books and other tools and an insurance library.

The APS has also developed eight games for different ages that can be played online and on a mobile phone. There are two games for children aged 5 to 8, two for children from 8 to 10, three for those 10 to 12 and one without a specific target age group. The mobile phone games can be downloaded from Google Play and the App Store.

 

Belgium

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Assuralia, the Belgian insurance association, launched its consumer information website, ABCAssurance/ABCVerzekering, in 2013. The website provides consumers with information on prevention, insurance contracts and claims handling. It includes checklists that guide consumers step-by-step through particular situations, such as building a house, starting a business or coping with a flood. Further information is provided in brochures, videos and FAQs. In January 2017, the website attracted over 5 660 visitors, compared to 940 visitors in January 2016.

 

Czech Republic

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The Czech Insurance Association (ČAP) launched its insurance information hub “Jak se pojistit” (How to insure) in 2008. It includes links to different microsites, each dedicated to a particular type of insurance, such as motor and life. These microsites were created for individual information campaigns by the association. Each microsite offers consumers comprehensive information through brochures, FAQs and glossaries of insurance terms.

There have been a large number of visitors to the hub and it is a source of information not only for consumers, but also professionals and the media.

 

Denmark

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Insurance & Pension Denmark operates an information service on its website called “Forsikringsoplysningen (Ask about insurance). This service has been providing free and independent information about the most common life and non-life insurance products to the general public since the 1970s.

The website has, for example, a section for young people with Q&As about their specific insurance needs in different situations, such as starting to live on their own, travelling and studying abroad. It also includes a guide to making complaints. In addition to the information on the website, consumers can also ask advisors questions by phone or e-mail. The consumer phone line receives 6 000 general questions a year. Insurance & Pension Denmark has also had a Facebook page called “Forsikringsnørden” (Insurance geeks) since 2010, which provides general insurance information through posts and videos. The page is followed by over 2 500 people.

 

Ireland

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The Insurance Information Service (IIS) that is operated by Insurance Ireland, the Irish insurance association, has been providing general, jargon-free information about insurance to consumers since 1990. The IIS was set up to respond to public enquires about insurance policies and claims as well as to handle certain complaints. The IIS provides the information to consumers by phone and e-mail. Its services also include resolving cases under the Declined Cases Agreement, a statutory provision under which a person must be provided with a motor insurance quote if they have been previously declined by three insurers.

The IIS has proved very popular. In 2015, it received 12 589 queries, of which 1 303 were complaints. In addition to questions from consumers, the IIS also handles direct enquiries on consumer matters from organisations such as the National Consumer Agency, Citizens Information Board, government departments and the Central Bank.

Insurance Ireland’s website also offers consumer information through FAQs on different life and non-life insurance business lines and includes a glossary of insurance terms.

 

Netherlands

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The website “Van A tot Zekerheid” (From A to security) was set up by the Dutch Association of Insurers (VVN) in 2014 to provide independent consumer information in plain language. The information is arranged by life event, such as getting married, buying a house or travelling abroad, to make it easy for consumers to find the information they are looking for.

The “insurance in four steps” section encourages consumers to be critical and shop around before they buy a policy. The four steps covered are: shopping around, what to consider when buying a policy, making a claim, and amending or terminating a contract. The website also includes a glossary of terms and an option to ask questions via an online form.

 

Poland

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In 2017 the Polish Insurance Association (PIU) launched a new website dedicated to the report “How insurance changes Poland and its people”. The report is describing the impact of the insurance industry on people’s lives, on the economy and companies. Polish insurers provide two million Poles with access to health insurance, protect PLN 1.7 trillion worth of company assets and create 225,000 jobs. The PIU report is the first of its kind in Central and Eastern Europe. The report explains the role of insurers in social and economic life, shows how much depends on wise and efficient risk management. The English version of the report is available here.

In February 2018 the Polish Insurance Association also launched a project dedicated to helping consumers understand the idea of insurance. On a dedicated website consumers can find advice and answers to frequently asked questions.

 

Sweden

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The Konsumenternas Försäkringsbyrå (KFB), the Swedish Consumers’ Insurance Bureau, offers information on life insurance, non-life insurance and pension products. On its website, the KFB provides independent comparisons of products. The website received over a million visitors in 2015 and is supported by the Swedish Consumer Agency, the Swedish Financial Supervisory Authority and Insurance Sweden, the Swedish insurance association. Consumers can also contact the KFB by phone, e-mail or via social media to receive independent comparisons or get help with complaints and other insurance-related problems.

 

UK

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In 2017 the UK’s Association of British Insurers launched a new website dedicated to helping consumers understand some of the details of general insurance. Called the “ Insurance Experiments”, this campaign is built around a series of brief, humourous animations, each tackling a particular issue and backed up by a page of infographics. There is a particular focus on property insurance, given the evidence that consumers can face additional problems understanding what can be a complex product, with excesses, accidental damage and rebuild value among the topics covered. The intention is that better informed consumers will spend more time thinking about the product they are buying, and therefore increase their chances of having a successful claim should they need to make one.

All the animations live on an unbranded website to encourage wider use across the industry and by a range of money advice organisations. The animations were promoted during a five-week paid campaign on Facebook, during which they reached more than 1,250,000 impressions. The website attracted around 3,000 visitors in the space of a month, massively out-performing the traditional consumer guide on the ABI’s website.

There’s also been a revamp of many of the consumer advice pages on the ABI’s website, such as the new-look travel insurance pages.

 

Denmark

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Forsikringsguiden

Insurance and Pension Denmark developed the Forsikringsguiden (Insurance Guide) website in 2016 in cooperation with consumer organisation Tænk. It helps consumers to choose the right insurance policy by providing them with a quick and easy comparison of insurance conditions and prices for the most common types of insurance. The website also aims to create transparency in the insurance market. 23 companies participate in the Forsikringsguiden, representing more than 90% of the Danish market.

Fakta om pension

Insurance and Pension Denmark also operates the “Fakta om pension” (Facts about pensions) website, which helps consumers to select the product type and provider most suited to them. It allows consumers to learn about different pension providers and the services they offer, as well as to compare elements of the most common products. The elements that users can compare include returns and costs, insurance cover, investment options and the level of service and advice for all pension companies. A new version was launched in 2015 with improved usability and new information on net returns and fees.

 

Hungary

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The Hungarian Insurance Association (MABISZ) has been operating “Díjnavigátor”, a free motor third-party liability (MTPL) aggregator website, since 2010. It helps consumers to make informed decisions by calculating and comparing the MTPL premiums of all insurance companies in the Hungarian market in a transparent way.

 

Norway

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The Finansportalen website is a portal that allows consumers to compare conditions and prices for the most common types of insurance and other financial products. The portal was developed by the Norwegian Consumer Ombudsman, the Consumer Council and the Ministry of Finance and Ministry of Children, Equality and Social Inclusion. It was first launched in 2008 and has officially been part of the Consumer Council since 2010. Insurance companies provide the data for the portal.

 

Sweden

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On its website, the Konsumenternas Försäkringsbyrå (KFB), the Swedish Consumers’ Insurance Bureau, provides independent comparisons of products, including a grading of the most common types of insurance and costs. This free guidance is intended to help consumers to compare and evaluate products before entering into a contract. The website is supported by the Swedish Consumer Agency, the Swedish Financial Supervisory Authority and Insurance Sweden, the insurance association.

 

Czech Republic

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The Czech Insurance Association (ČAP) has developed online calculators that can be used by consumers to work out the minimum insured value of their construction or home insurance policy to see if they are properly insured. They calculate the amount for which it would be possible to rebuild in the same type, size and quality or to repurchase equipment and personal items. If the calculated amount is less than the insured value, consumers are likely to be underinsured and would not be reimbursed fully in the event of a claim.

 

Germany

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In contrast to other European countries, Germany does not have a pension tracking system regulated by the federal government or a lower-level authority. However, to illustrate the need to save for retirement the German Insurance Association (GDV) developed a pension calculator for its website in 2014. People can use the calculator to receive an estimate of their future pension benefits. The information that they enter is anonymous and is not saved.

 

Sweden

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Insurance Sweden, the Swedish insurance association, has run the “Ersättningskollen” (Compensation check) website since 2014. It was produced with the public agency for sickness benefits (Försäkringskassan) and AFA Insurance, an insurance company owned by labour market representatives. The website allows consumers to calculate what benefits and compensation they are entitled to from both public and private schemes in case of sickness, an accident or occupational injuries. It does not require any log-in and gives them a first check of their economic situation and a guide to how to apply for compensation and benefits. Close to one million people have visited the website since 2014.

 

Spain

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The Spanish Insurers Association (UNESPA), and Tirea, an IT company for insurers, developed a free app in 2015 that enables consumers and other interested parties to find out what compensation they would receive for bodily injuries according to the Spanish injuries evaluation system for road-traffic accidents (Baremo). It is aimed at road-traffic victims, judges, lawyers, attorneys, doctors and others involved in the settlement of traffic accidents.

The software is compatible with mobile devices and personal computers and was downloaded 11 000 times in the first year. The application is available from Google Play, the App Store, the Chrome App Store and the UNESPA website.

 

Denmark

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Insurance and Pension Denmark has been running the secretariat of “PensionsInfo” since it was launched in 1999. This is a comprehensive online tracking tool allowing each Dane to access an overview of the pension and associated insurance entitlements from all their pension providers.

“PensionsInfo” provides consumers with an overview of their personal situation at retirement or in the case of early retirement (lost ability to work), critical illness or death. Through this service, pension providers can also flag dormant pension rights to individuals and prompt them to check whether it would be profitable to transfer the funds to a new scheme. “PensionsInfo” covers all three pension pillars.

According to consultants Towers Watson, “PensionsInfo” is “a testament to the collaboration and openness of the pensions industry in Denmark” and is “likely to increase consumers’ trust in the Danish pension market”.

 

Netherlands

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The pension tracking tool www.mijnpensioenoverzicht.nl provides citizens with an overview of their pension entitlements from their first and second pillar pension. The tool is an initiative by the Dutch Association of Insurers, the Federation of the Dutch Pensions and the “Sociale Verzekeringsbank”, the organization that implements national insurance schemes in the Netherlands.

 

Norway

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Norsk Pensjon” (Norwegian Pension) is an online tracking tool that provides consumers with an overview of the expected retirement value of various pension schemes. The tool, which was launched in 2006, collates information from private pensions, occupational pensions and public pension schemes.

Finance Norway, the financial services association, was one of the main initiators of this tracking tool. Norsk Pensjon is owned by seven life insurance companies and was developed in cooperation with the Social Security System (NAV). It has proved very popular with consumers, who are performing 3.4 million pension calculations every year.

 

Sweden

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The Swedish pension tracking system, “Min Pension” (My Pension) was established in 2004 as a subsidiary of Insurance Sweden, the insurance association. The system gives individuals a full picture of their current total pension rights and savings in all three pension pillars. They can also receive a free estimate of their total future pension. The service is run and financed half by the state and half by pension providers. The system covers 98% of the total pension capital in Sweden, which means that nine out of ten pension savers are able to see their pension at Min Pension.

 

Austria

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Since 2012, the Austrian Insurance Association (VVO) has produced an annual supplement to the monthly consumer magazine “Konsument” that is dedicated to insurance issues. The supplement, “Konsument spezial” focuses on risk awareness and how to minimise risks. It is published in five languages: German, English, Croatian, Serbian and Turkish. The “2016 edition focused on “Growing old safe and healthy — protection and precautions”.

 

Croatia

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The Croatian Insurance Bureau, as the initiator of the project “Financial literacy in the Republic of Croatia”, undertakes numerous educational activities with the aim of promoting financial literacy in insurance. It takes part in the working group for the promotion of financial literacy established by the Croatian Ministry of Finance.

In addition, through the website of the Croatian Insurance Bureau, and social media such as Facebook, it promotes diverse campaigns such as the prize games “Pitalica” (Riddle) and “Osiguraj si nagradu” (Secure yourself a prize), and gives awards for the best video, the best thesis and the best scientific work on insurance.

Furthermore, the Croatian Insurance Bureau has launched the project "4 Wheels - 4 Rules". Within the framework of the project, four educational films were produced promoting the importance of responsible conduct in traffic, education and raising awareness of the existing risks. These educational films will also be used in educational lectures organised by the Croatian Insurance Bureau.

The Croatian Insurance Bureau is involved in the annual Global Money Week events. It gives lectures in high schools and universities and collaborates with student associations. Insurance companies are also involved in the events, inviting a large number of students to learn about insurance and how an insurance company functions.elf a prize), and gives awards for the best video, the best thesis and the best scientific work on insurance.

 

Cyprus

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The Insurance Association of Cyprus published the booklet “Insurance Guide for Consumers”, which offers consumers a user-friendly introduction to how insurance works and provides guidance to both individuals and households regarding personal insurance policies. This is done through a large number of questions and answers designed to cover issues that consumers do not (fully) grasp. The publication is designed to guide consumers, looking for insurance coverage, to make informed decisions.

Moreover the Insurance Association of Cyprus co-operates closely with the School of Consumer Education founded and run by the Cyprus Consumers Association. The Insurance Association of Cyprus is particularly involved in the School’s insurance-related educational activities by carrying out lectures and making presentations.

A recent campaign for raising consumer awareness concerning the problem of soliciting at motor accident scenes was jointly organised by the Insurance Association of Cyprus and the Cyprus police. The campaign aimed to expose the problem, its perpetrators and consequences, and inform consumers about their rights and the things they should watch out for.

 

France

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Given the legitimate concerns of consumers around cyber-piracy and data protection, the FFA has launched a campaign entitled “Bien vous connaître, c’est bien vous assurer” (To know you well to insure you well). The campaign explains why insurers need the personal data of their policyholders to accept and price risks, and how they commit to protect these data. The FFA has created a user guide, which explains the basics of insurance and personal data protection. The campaign website contains a Q&A section, which provides concrete answers to common questions asked by policyholders. Six topics are explained in videos of about one minute each:

  • Why does my insurer need my personal data?
  • Why does my insurer ask me for information that is not obviously related to the property to be insured?
  • How long does the insurer keep my data?
  • Can my complementary health insurer use my medical situation against me?
  • How insurers use data collected by IoTs?
  • What security measures do my insurer implement to protect my data?

The guide and videos are accessible from the FFA website.

 

Germany

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People generally live seven years longer than they tend to believe. Based on this premise, the German Insurance Association (GDV) launched the campaign “7 Jahre länger” (7 years longer) to raise people’s awareness of their true life expectancy and the demographic challenges connected to it.

The main tool of the campaign is its website, which is complemented by a Facebook page. The website includes a life expectancy calculator and a calculator to work out the cost of living for chosen items and services until the end of one’s life. For public appearances, such as conferences, a large, wooden “wheel of life”, as well as smaller paper versions, have been developed. These allow citizens to estimate their life expectancy based on their year of birth.

 

Greece

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The “Day of private insurance” has been one of the top annual events organised by the Hellenic Association of Insurance Companies (HAIC) for over a decade. It is held on 11 November every year and it provides an opportunity for the HAIC to raise awareness of and communicate about the benefits of insurance to individuals, the media and policymakers. The 2016 campaign was called ”When you least expect it”, with the tagline “Insuring is caring”. It included an event at the largest square in Athens and three videos about health insurance, property insurance and pensions. The campaign created significant media buzz (TV, radio, newspapers, portals, blogs) and all the campaign messages were widely communicated via social media.

 

Hungary

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The Hungarian Insurance Association (MABISZ) has run an educational programme since 2014. The programme covers pensions, life, home and accident insurance and fire protection. MABISZ regularly reports on this programme to the media.

On pension education, for example, MABISZ created a microsite about the importance of saving for retirement and the types of pension products available. It also produced a TV advertisement to promote pensions.

 

Latvia

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The Latvian Insurers Association (LAA) participates in the Latvian financial education week (called FIN), which coincides with Global Money Week. The theme of 2017 was “Journey in financial literacy 2017 – Gudrīte’s revision”. The mascot of FIN is a piglet named Gudrīte (Smarty).

During FIN 2017, the partners in the initiative traveled to various regions of Latvia to organise lectures, seminars, games and other activities to promote the significance of financial literacy. The LAA participated, for example, in a seminar called “Money comes” by the insurance company CBL Life and the BA School of Business and Finance in Riga and the LAA president gave a lecture at the ISMA university.

 

Netherlands

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The Dutch Association of Insurers (VVN) participates in the “Week van het Geld” (Money Week), which coincides with Global Money Week. During the week, children get the opportunity to learn how to manage money by taking part in different activities, such as games, watching a play and educational workshops.

The VVN contributes to this week with different activities. The game “Fix je Risk” is an interactive way for children to learn about the role of insurance. Furthermore, the VVN organises puppet shows, parental evenings at school to highlight important financial topics, and events in playgrounds and community centres.

 

Spain

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Estamos Seguros

In 2016, the Spanish Insurers Association (UNESPA) launched a four-year initiative “Estamos Seguros” (We are safe/sure/insurance) to promote the value, social relevance and understanding of insurance and risk prevention. The campaign features a dedicated website, blogging, social media (Twitter, Facebook, YouTube), online advertising, multimedia content, infographics and industry best-practice commitments.

UNESPA has enriched the contents of its Estamos Seguros website in 2017, with the launch of a new section called Seguros de entendernos (Sure of understanding each other). This is the first step taken by the Spanish insurance industry to simplify insurance language across the sector. The Seguros de entendernos subsite contains multimedia materials that are meant to make insurance easier to understand.

Another key part of the Estamos Seguros campaign is the “Aprendo Seguro ” financial education initiative that promotes insurance and risk prevention to high school students.

Save now video

UNESPA also created a video called “Save Now” in collaboration with the Spanish pension fund association (INVERCO) to encourage young people to save for their retirement. The video shows a young couple getting an explanation of pensions and the challenges an ageing society faces. It also stresses the importance of starting to save now for retirement.

 

Austria

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Der Versicherungsleitfaden

Der Versicherungsleitfaden” (The Insurance Light Switch) is a booklet that describes the main types of insurance products available in Austria and provides practical tips for consumers, such as what to do in the case of a claim, as well as information on insurance cover, benefits and potential claim scenarios. It aims to explain complex insurance products in a simple, short and easy to understand way. The Austrian Insurance Association (VVO) has been publishing the booklet since the early 1990s and it published the most recent (21st) edition in 2015.

Sicher Erfolgreich

In the early 2000s, the VVO also developed a booklet for entrepreneurs and start-ups together with the Austrian Chamber of Commerce (WKÖ). “Sicher Erfolgreich” (Safely successful) explains the main types of insurance products in plain language and provides practical tips to companies.

 

 

Croatia

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The Croatian Insurance Bureau published its booklet “Čemu zapravo služi osiguranje?” (Actually, what is the purpose of insurance?) as part of its participation in Global Money Week and to support the educational activities of the Croatian Insurance Bureau and insurance undertakings.

The booklet provides a brief overview of why insurance is important for young citizens when planning a secure future.

 

Czech Republic

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The Czech Insurance Association (ČAP) has published “specialised brochures that provide consumers with information about particular insurance products or advice on specific situations closely linked to the issue of insurance. The brochures provide step-by-step guides from the pre-contractual stage to the settlement of a claim.

 

Finland

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The Finnish Financial Ombudsman Bureau (FINE) published the booklet “Hupsis” (Oops) targeted at young people in 2014. It contains information on travel, motor, property and personal accident insurance through examples young people can relate to, such as the fact that travel insurance might not cover sports like paragliding or skydiving, or that car theft abroad is not necessarily covered by their insurance policy. Finance Finland is the largest funder of FINE.

 

Hungary

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The Hungarian Insurance Association (MABISZ) has focused on providing information to clients and loss prevention for many years.

Its website provides information packs, guides and recommendations on preventing burglaries or damage from lightning, the importance of liability insurance, and answers on property and technical, household and motor insurance.

 

Ireland

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Insurance Ireland, the Irish insurance association, and consultancy Accenture have formed a partnership focusing on consumer education. It produced the “Little Book of Insurance” in 2016 to provide a simple guide to the Irish insurance market, explain the key terms in the industry and place some industry issues in context. The “Little Book of Insurance” is available on the Insurance Ireland website and has been distributed by Accenture.

 

Croatia

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In 2018, the Croatian Insurance Bureau continues to organise workshops in primary and secondary schools in Croatia. During these workshops insurance concepts are explained to the children. This is follwed by playing the the “Less risk — more fun” game. By playing the game, children can learn to assess risks at different stages in their lives and how to minimise them.

The Croatian Insurance Bureau will also launch a new campaign during the 2018 Global Money Week, with an online winning game for pupils that teaches them some knowledge about insurance.

During the 2018 Global Money Week and throughout the rest of the year, representatives of the Bureau and insurance companies give lectures in schools throughout the whole country. These activities were also extended to selected university faculties.

The Croatian Insurance Bureau has established a close cooperation with Student Associations at the Faculty of Economics. Lectures are part of the curriculum of selected courses and provide concrete and practical experiences from the activities of the Croatian Insurance Bureau and insurers.

The Croatian Insurance Bureau also supports Insurance Europe’s ‘InsureWisely campaign’. It translated the new year's resolutions leaflet into Croatian and incorporated it in all activities relating to the promotion of financial literacy. The leaflet is available on the Bureau’s website.

The Bureau also published an update of its booklet “Actually, what is the purpose of insurance?” which was an essential a part of the materials accompanying its Global Money Week activities.

More information about the activities of the Croatian Insurance Bureau can be found here.

 

Iceland

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The Icelandic Financial Services Association’s (SFF) project on financial education, called “ Fjármálavit “ (financial knowledge), aims to raise the financial literacy of 13 to 15-year-old children. The project consists of educational material that can be used by teachers in their classes and visits by members of the SFF throughout the year to schools to provide Fjármálavit lessons.

During the 2018 Icelandic Money Week, which coincides with the Global Money Week, the SFF will continue with school visits by SFF members. At the same time, it will also launch a new online financial education game and organise a competition between schools. The competition is part of the European money quiz in which thousands of students in thirty European countries will participate. The winning school in Iceland will be invited to send delegation to Brussels to play against students from other European countries during the European finals on 8 May 2018. These activities will be supported on social media, such as Facebook and Twitter.

 

Latvia

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The Latvian Insurers Association (LAA) participates in the Latvian financial education week (called FIN), which coincides with Global Money Week. The theme for 2018 is “Where does money live now?“ The main subject will be evolution of money – from coins to bitcoins, finances becoming digital, money management in one’s smartphone.

The theme of 2017 was “Journey in financial literacy 2017 – Gudrīte’s revision”. The mascot of FIN is a piglet named Gudrīte (Smarty). During FIN 2017, the partners in the initiative traveled to various regions of Latvia to organise lectures, seminars, games and other activities to promote the significance of financial literacy. The LAA participated, for example, in a seminar called “Money comes” by the insurance company CBL Life and the BA School of Business and Finance in Riga and the LAA president gave a lecture at the ISMA university.

 

Netherlands

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The Dutch Association of Insurers (VVN) is founding father and partner of the Dutch “Week van het geld”, which is scheduled to coincide with Global Money Week. This initiative is led by the “Platform Wijzer in Geldzaken” (the Money Wise platform), which promotes financial responsible behavior and is set up by the Ministry of Finance.

Fix je Risk

During the “Week van het Geld” various insurance professionals visit classrooms to teach “Fix je Risk” insurance lessons to 10-12 year-old children at primary schools. The goals of these lessons are:

  • To teach the children that risks exist (e.g. personal property breaking, theft and fire), and that these risks have financial consequences.
  • To teach the children know what insurance is and what it is for.

To make the guest lessons more interactive, the VVN developed a new digital game in 2017. The game consists of three main events. Events that the children can relate with: a birthday party, a summer camp and a sporting day. During these events big and small accidents as well as positive things occur. Children decide in subgroups if they want to get an insurance and which one. Based on a small introduction showed on the digital board the groups discuss what could happen during each event. This because VVN wants to teach the children to be critical about insurance and how to cover the potential financial impact (with savings or with a policy). They can choose a maximum of two insurances out of four policy options. The ‘wheel of events’ selects at random what happens. The group that has the most money left at the end of the game (that is the sum of money saved in the three rounds), is the winner.

 

The success of the game also translated into a record of 859 guests lectures given in 2017. The game will be further developed in 2018.

MoneyWays

Since 2016 the Dutch Association of Insurers has also joined up with the Nibud (the National Institute for Family Finance Information) to provide insurance education to community college students. The programme “MoneyWays” involves lessons by young role models instead of teachers. A pilot has been held successfully and the subject insurance is now a permanent part of the programme throughout the year. Queen Maxima, honorary chair of the Money Wise platform has visited one of the insurance lessons in 2016.

 

Norway

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During the 2018 Global Money Week, Finance Norway will launch the national contest "Pengequiz". 13-to-15 year-old students are invited by Finance Norway to play this quiz. Students get a chance to outsmart other classes in Norway in a live national contest hosted via the Kahoot!

The competition is part of the European money quiz in which thousands of students in thirty European countries will participate. The winning school in Norway will be invited to send delegation to Brussels to play against students from other European countries during the European finals on 8 May 2018.

 
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