Financial education

“Protect your money, secure your future’’: how to insure yourself wisely in a digital world


At the start of Global Money Week, Insurance Europe has shared five tips on how best to buy your insurance policy online and make use of the range of digital solutions insurers offer at every step of the process, such as when you’re considering taking out insurance cover, or when you need to submit a claim following an unexpected event.

The Global Money Week is an annual global financial awareness campaign for children and young people organised by the Organisation for Economic Co-operation and Development (OECD), which has reached over 60m youngsters in 176 countries worldwide since 2012.

Insurance Europe notes that despite young people being able to easily navigate digital financial tools, there is sometimes a gap in properly managing their finances. It therefore proposes five simple tips to managing your insurance online:

1. New digital services: many services and products the insurance industry offers, such as making claims, are available online or via an app.

2. Choose the right policy for you: take time, do some research and make sure the insurance policy meets your need. Download any important documents and save for future reference.

3. Getting the right cover: insurers have to give you clear, concise and accurate information. To get the right cover, you also must be honest in disclosing your history. Insurers have a legal responsibility to treat your information confidentially and safely.

4. Smart features: insurers can offer you products that are better tailored to your needs, as well as services that are more risk-aware or risk-reduction oriented. For example, some motor insurers use telematics devices that monitor your driving time or how you drive, letting the insurer offer you tailored products, such as “pay-as-you-drive”/”pay-how-you-drive” policies, with the premiums adjusted accordingly.

5. Safety first: Whether logging into an insurance website or using an insurer’s smartphone app, keep your personal details safe.

This initiative is part of Insurance Europe’s #InsureWisely campaign, which demonstrates European insurers’ commitment to raising financial literacy and awareness levels across Europe.

Financial education plays a vital role in ensuring that European citizens are equipped with the knowledge, confidence and skills necessary to improve their understanding of financial products and concepts. Insurance Europe also encourages EU policymakers and regulators to play a greater role in supporting this objective.