Financial education (#InsureWisely)

Citizens need the financial literacy skills to remain economically resilient

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. 

"Financial literacy is an essential skill for making good decisions about personal finances."

While education is a matter for national governments, Insurance Europe welcomes efforts at EU level to promote financial literacy. It was pleased to see that one of the actions in the European Commission's Capital Markets Union 2020 action plan focuses on empowering citizens through financial literacy. Insurance Europe is also  looking forward to contributing to the joint project by the European Commission and the Organisation for Economic Co-operation and Development to develop a financial competence framework in the EU.

#InsureWisely

Insurance Europe and its member associations have long been actively engaged in efforts to raise levels of financial literacy, specifically in relation to risk awareness, insurance and long-term saving for retirement. 

Since 2018, Insurance Europe's financial education activities are brought together in its “InsureWisely” campaign. The campaign material includes a booklet and a series of infographic facsheets on different insurance topics with useful tips for consumers to for example reduce risks, choose the right policy and make a claim. This material is also used by Insurance Europe members in their national markets.

Boosting financial literacy: European insurance industry initiatives

The European insurance industry is engaged in numerous initiatives across Europe to increase financial literacy and the understanding of insurance in all parts of society, ranging from young children in schools to adults and professionals in the workplace, reflecting the industry’s belief that financial education should be a lifelong process.

A broad cross-section of the insurance industry’s many initiatives are showcased below.

Teaching & training

One of the main challenges for the future from a policy perspective is to move from raising awareness of financial issues to actually changing individuals’ behaviour. Changing peoples’ behaviour can be done by integrating financial literacy components into school curricula, as it not only facilitates change by developing financial capability and responsibility from an early age, but also ensures that the widest possible audience is reached. 

The European insurance sector recognises that financial education is a lifelong process. Many of the educational and awareness-raising activities of the insurance industry are directed towards schools and the younger generation.

Initiatives in schools

Belgium

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.

Bulgaria

In 2017 the Association of Bulgarian Insurers (ABI) signed a partnership memorandum with seven financial sector associations to support the development of sustainable long-term initiatives in the area of students’ financial education. ABI has supported the development of financial education programs and initiatives for students and its representatives have participated as lecturers and mentors in various activities.

Financial education is included to some extent in the school curriculum through the subject “Technology and Entrepreneurship”. A number of additional financial education programmes is available to the teachers and students with all of them including insurance topics. These include:

  • “Practical Fiance”: financial education programme for teens
  • “Our Money”: financial education programme for teens
  • “Money and other important things: Teens”: an innovative game-based financial education programme for teens
  • “Money and other important things: First Steps”: an innovative game-based financial education programme for children

ABI is a member of the Working Group on National Financial Education Strategy under the Ministry of Finance.

ABI also participates in a course for students entitled “Non-banking financial sector”, which is organised annually by the Bulgarian Financial Supervision Commission. During the course students and teachers from all over the country learn about topics related to the insurance, pensions and the capital market. As part of the practical training they visit companies from the respective sectors.

Croatia

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.

CIB held a lecture on November 25, 2020 at the Faculty of Law University in Rijeka. CIB continued cooperation with the student association of the Faculty of Economics in Osijek "Financial Impulse" and on December 7, 2020 held an online lecture on financial literacy.

Finland

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 has been added to the curriculum starting in the 4th grade (11-year-olds) in 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

The Hellenic Association of Insurance Companies (HAIC) and Junior Achievement Greece developed an innovative educational programme aimed at pupils of primary schools, under the title “Dream wisely”.

The programme aims to educate pupils in 5th, 6th and 7th grades in understanding risks and prevention in their personal and professional life and introduces the concept of insurance. The program is carried out via educational sessions on and a special e-learning platform which includes learning games and is facilitated by volunteers from HAIC member companies. Students access the website with the assistance of their teachers. The initiative was launched in September 2018 with the aim of reaching pupils from public and private schools. In 2020 more than 2000 students participated in the program, which will be further developed in 2021. The Dream Wisely programme is approved by the Ministry of Education.

Hungary

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

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

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 170 000 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 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. Despite the pandemic, the XIX edition of the “Gran Premio di Matematica Applicata” took place in 2020 and involved over 8 000 students.

Participation in the Italian financial education month

The Forum ANIA — Consumatori took part in the third edition of the “Month of Financial Education”, an initiative promoted by the national Committee for planning and coordination of financial, insurance and pension education activities. During the month of October 2020, despite all the difficulties related to the Covid-19 emergency the Forum organised 14 events (didactic conferences dealing with insurance-related topics devoted to high school students, edutainment shows and online workshops). Furthermore, the Forum organised the second edition of the “Insurance Education Day” in cooperation with the national insurance Supervisor IVASS. This day was devoted to the state of play in insurance education, its specifics and the initiatives developed so far in Italy.

Netherlands

MoneyWays

The Dutch Association of Insurers (VVN) provides insurance education to community college students in cooperation with Nibud (the National Institute for Family Finance Information) and Diversion (social innovation company). 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, the so-called ‘peer educators’, rather than teachers, about taking risks and the usefulness of and need for insurance. Throughout the years Diversion has found peer education to be a sustainable, effective and rewarding methodology (for the target audience, the peer educators, and society) in preventing polarisation.

Fix je Risk —  guest lectures by insurance professionals at primary schools

The Dutch Association of Insurers (VVN) developed “Fix je Risk” (Fix your Risk) lessons to primary schools. “Fix je Risk” is a lesson that consists of 20 minute theory, exercises and the digital game. After the lesson, the children have learned that risks exist (e.g. personal property damaging, theft and fire), and that these risks have financial consequences as well as the basics of insurances. Fix je Risk lessons are predominantly given during the Dutch National Money Week.

Norway

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

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.

Slovenia

The Slovenian Insurance Association is one of the main supporters of a project called “Financial education for youngsters” organised and run by Slovenian financial publicist Moje Finance. The main purpose of the project is to raise financial awareness among youngsters. The programme includes a training project for primary and secondary school teachers on financial literacy for youngsters, so that they can transfer this knowledge to their pupils.

Similar workshops are organised also for parents, where they receive a book “What we have to teach our children about finances before they leave home”. The development of the book was funded by Slovenian Insurance Association. Parents will be able to use the financial knowledge in their everyday life, in the management of family finances, and in particular to educate their children in the area of financial literacy.

In addition, the Slovenian Insurance Association also regularly provides lectures in classes on financial education for young people that are organised and run by Slovenian financial publicist Moje Finance. The main purpose of these classes is to familiarise youngsters with the basics of personal finance and the importance of insurance and risk prevention.

Spain

In order to increase awareness among teenagers of the existence of risks and ways to address them, the Spanish Insurers Association (UNESPA) has developed the program El riesgo y yo (The risk and I) designed by Junior Achievement Spain exclusively for the Spanish insurance market.

This financial education program is aimed at high school pupils (15 to 17 years old). It consists of four one-hour long lessons during which the students learn the basic notions of the risks they are exposed to, the consequences of these risks and the tools that help prevent and minimise the effect of these risks. The programme focuses on insurance concepts such long-term savings and it teaches the pupils how to make a self-assessment of their risks. The programme also includes talks by employees of different insurance companies.

During 2019, the programme's second year of implementation, 117 programs have taken place. This means that 460 talks have been given to around 2.700 students.

UNESPA and its members are aiming to contribute further in providing new tools for young people that allow them to take prudent and reasonable decisions while becoming social responsible citizens.

Educational games

Research suggests that teaching and training initiatives should involve materials that are interactive and motivating. Also, people are inclined to learn more about financial literacy by playing a game. Games can stimulate the learning of facts and important skills such as strategic and innovative thinking, creativity and cooperation. National insurance associations are therefore making use of games and other tools to teach children about the importance of insurance and saving.

Austria

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

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 followed by playing the the “Less risk — more fun” game. The game has received very good feedback from the children.

Czech Republic

The Czech Insurance Association designed and distributed a financial literacy board game called “Money and life”. 1000 games have been distributed to schools for free.

The explanation about importance of financial education is considered vital, therefore fun approach was chosen. The idea behind the game is to teach young students responsible decision-making and about the consequences of their decisions. The game introduces basic insurance types and their meaning in the society.

Netherlands

Fix je Risk – guest lecterns by insurance professionals at primary schools

VVN developed all guest lectures about insurance that are given by insurance professionals to 10-12 year-old children at primary schools.

The goals of these ‘Fix je Risk’ 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 how insurance works and what it is for.

The duration of a “Fix je Risk” lesson is one hour: 20 minutes theory and 40 minutes gamification of this theory. To make the guest lessons more interactive, the VVN converted the original board game to 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 sub-groups if they opt for an insurance and which one. Based on a small introduction showed on the digital board, the groups discuss what could happen during each event. 

VVN aims to teach the children to critically think 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 Fix je Risk lesson is well-received by children, teachers and VVN’s members. There is an instruction video on the “Fix je Risk” website. It’s an excellent example of a product that could be used in other countries.

Portugal

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.

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.

Austria

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

In addition, on the occasion of Global and European Money Week 2020, a number of activities were planned to encourage awareness of the importance of financial education with special emphasis on financial literacy of young people, but most of them, due to the pandemic of coronavirus and lock down unfortunately could not be implemented.

CIB has prepared two videos / infographics intended for use in activities for the Global and European Money Week 2020, and also for further activities.

The first video of HUO contains the basic types of insurance and addresses primarily young people, emphasizing the importance of the insurance as support in everyday life. The second video is processed and synchronized video of the Insurance Europe entitled "Helping Europe sleep at night".

The videos were scheduled for release (HUO press release, social networks ..) in the week preceding GMW but since the event was canceled, videos have not been released.

The competition for awarding prizes for the best scientific work, the best diploma work on graduate study and the best final thesis in postgraduate study in the field of insurance was conducted.

CIB also provides information on consumer inquiries through the Central Information System for Protection consumer established at the Ministry of Economy and Sustainable Development as one of the contact points.

In 2020, CIB continued to publish the scientific-professional journal “Croatian Insurance Journal". The goal of the scientific-professional journal is affirmation and promotion of insurance sciences and profession and the convergence of science and practice. In July 2020, HUO issued third edition of the journal, and the fourth edition is planned for December 2020.

Active consumer protection continued through the established consumer protection institutes at CIB – Mediation Centre and the Insurance Ombudsman Service, which institutes are efficient in consumer protection in the field of insurance, and the procedure is completely free for consumers. In the crisis caused by the pandemic COVID-19 Mediation Centre at the CIB provided citizens online dispute resolution. In this way the insured, policyholders and injured parties can resolve their disputes from the safety of their own home and it enables consumers on easily, quick and effective way to initiate the mediation process and resolve the dispute.

In September 2020, HUO held a press briefing as part of which were presented the most significant figures and indicators related to the earthquake in the City of Zagreb (that hit Zagreb and its surroundings on March 22, 2020) with an overview of the market from perspectives of the insurance industry as well as its role in compensation for damages and normalizing life. Special attention was drawn to data showing that a significant part of property in Croatia is not insured or not insured in an appropriate manner, emphasizing the importance of further financial literacy of citizens of the Republic of Croatia in the field of insurance, especially the property insurance segment.

HUO continuously provides educations through its Insurance Education Centre, providing professional educational programmes accross all insurance lines - 11 seminars were held, of which 8 in online format, which was attended by about 500 participants.

The National Strategic Framework for Consumer Financial Literacy for the period 2015-2020 had aimed at identifying potential problems and proposing their strategic solutions, to ultimately individuals were better able to recognize and accept relevant, impartial, concrete, and easily understandable information about financial products and services. In order to monitor the implementation of measures and activities aimed at raising the financial literacy of consumers, The Ministry of Finance has established an Operational Working Group to monitor the implementation of measures and activities determined by the Action Plan for each year. CIB is an active member of the Operational Working Group, which Group met regularly from 2016 to 2020. The drafting of the National Strategic Framework for Financial Literacy for the period 2021-2026 is underway. Special emphasis is placed on children and youth, young adults, people of working age, and people in retirement, as well as creating a basis for further systematic and comprehensive integration of financial education in educational processes based on digitalization while raising awareness of the need to raise the level of digital literacy, with further encouragement for the active participation of state bodies, bodies of local and regional units, non-governmental organizations, financial institutions and other legal entities, professional associations and professional associations active in the financial fields, social partners and communication channels and networks. CIB as an active member of the Operational Working Group at the Ministry of Finance participated with the presented remarks and proposals, which were largely adopted, in the drafting of the National Strategic Financial Literacy Framework 2021-2026.

Achieved results of the action and communication campaign „Stop Uninsured Vehicles“ which lasts full 11 years, which is implemented by the CIB as part of the National Road Safety Program for Insurance (HUO), the Ministry of the Interior of the Republic of Croatia and the Police Directorate, have greatly contributed reducing the number of uninsured and unregistered vehicles, but they also had a positive impact on raising citizens' awareness of the importance of the obligation to register and insure motor vehicles against motor vehicles responsibilities. Already in 2009, in the first year of the campaign, damage to uninsured motor vehicles are reduced by 75%. In the years that followed, the number of uninsured vehicles on ours decreased roads and the fact that the Ministry of the Interior has started to implement automatic check-out vehicles that have been unregistered for more than a year. Precisely thanks to the great efforts of CIB and the Ministry of the Interior the number of unregistered and uninsured vehicles in over the past ten years has been reduced from three hundred thousand to thirty thousand. CIB, with the support of the Ministry of the Interior and financial support through the National Road Safety Program, through continuous implementation communication activities related to the „Stop Uninsured Vehicles“ campaign seeks to raise awareness of citizens on the importance of the insurance and registration of motor vehicles in order to avoid severe penalties but also to behave more responsibly in traffic. CIB strives through this campaign, various informational and educational content, various communication channels, by organizing educational workshops, radio and television commercials as well as numerous other promotional activities appeal to all traffic participants on the importance of the compulsory motor third party liability insurance. Over the years, this campaign has been supported by two partners, the Center for Vehicles of Croatia and the Croatian Auto Club, in order to contribute to more efficient implementation but also stronger affirmation of the campaign itself. At the end of 2020, CIB continued with the intensive digital campaign via online media with a completely new visual identity.

Also, Croatian insurance companies carry out numerous educational activities on financial literacy throughout the year, which are aimed at all generations.

Media appearances on financial literacy:

  • Lider Magazine - Interview on Financial Literacy, February 2020
  • Telegram media group - interview on the importance of property insurance, July 2020
  • News Nova TV - Property insurance in the light of the earthquake that hit Zagreb, April 2020
  • Participation in the show "Pro bono" of the Radio Sljeme on the topic of compensation for damages caused by the earthquake in City of Zagreb, March, 2020
  • Portals Dnevno.hr and Otvoreno.hr - Evaluation of insurance products in COVID crisis - Goodwill of insurers in favor of consumers, July 2020
  • 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

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

Given the legitimate concerns of consumers around cyber-piracy and data protection, the FFA has launched a campaign entitled “Knowing you better to better insure you”. 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.

The guide and videos are accessible from the FFA website. The English version of the brochure is accessible here.

“15 tips to insure yourself wisely”

FFA has launched a campaign entitled “15 réflexes pour bien s’assurer” (“15 tips to insure yourself wisely”).

As part of FFA’s educational campaign, the brochure and videos aim to support consumers in their everyday life dealing with insurance products. In line with the national financial education policy, FFA’s brochure is a pedagogic booklet giving consumers the keys to understand and, thus, to choose adequate contract according to their personal needs and situation. By listing 15 tips to be wisely insured, this tool seeks to enable everyone to understand guarantees provided in the contract and their limits, to be aware of the process of compensation and to know who to contact in case of need.

The brochure has been awarded with the financial education label “EDUCFI” from the Bank of France. The brochure and the videos are available on the FFA website. The English version of the brochure is available here.

Germany

DIE VERSiCHERER

"DIE VERSiCHERER" is a digital, customer-oriented campaign by the German Insurance Association (GDV). The website is aimed at insurance customers and their specific questions: Should I cancel my insurance? Which insurance premiums can I deduct from my taxes? The campaign relies on surprising and self-critical content to reduce consumer reservations and it has already won several PR and online awards. More information about the campaign can be found on the campaign website, Facebook and Instagram.

7 Jahre länger

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.

"Stadt.Land.unter" initiative

With the "Stadt.Land.unter" initiative, the German insurance industry aims to educate people about the growing danger of heavy rainfall and shows how tenants and property owners can protect themselves. An important part of the initiative is the Natural Hazard Check, which allows property owners and tenants to easily determine their individual risk of being affected by natural hazards. On the online platform, consumers can enter their postal code to find out what damage severe weather has caused in the past at their own place of residence: How many buildings were affected in the region last year, the most expensive damage caused by heavy rain, storms or hail, and the risk of flooding.

Information campaigns on natural hazards together with the German federal states

Many homeowners and tenants underestimate the risk of increasing weather extremes. Therefore, state-specific information campaigns have been developed by German state governments to educate the public. In spring 2009, the first campaign was launched in Bavaria for private households, which was later expanded to include commercial risks.

These campaigns usually consist of a dedicated website, a flyer and, in most cases, a joint press conference. In addition to GDV, other multipliers such as the Association of Towns and Municipalities and consumer protection were also involved. An overview of all campaigns can be found here.

Smoke alarms save lives campaign

The Smoke Alarms Save Lives initiative was founded in 2000 by the Forum for Fire-Smoke-Prevention to significantly reduce the number of fire victims in Germany. The campaign aims to inform consumers about smoke alarms and advises about their behaviour in the event of a fire. Further information can be found here.

K-Einbruch campaign

In cooperation with partners from the German insurance industry, industry associations and installer companies, the police launched the nationwide K-Einbruch campaign in fall 2012. The aim is to raise awareness among the general public of the need to take personal responsibility for burglary prevention, with the ultimate aim of reducing burglary crime. An important part of the campaign is the "Burglary Prevention Day". Under the motto "One hour more for more security", this takes place annually on the day of the time change, when Central European Summer Time ends. All essential information can be found here.

The CyberSicher initiative

Digitalisation is making Germany's companies faster and more flexible. However, this dynamism is also causing cybercrime to flourish. While large corporations protect themselves at great expense, smaller companies often act too carelessly. The “CyberSicher” (CyberSecure) initiative raises awareness of the dangers from cyberspace and shows how small and medium-sized enterprises can protect themselves. GDV's Cyber Security Check asks the most important questions about IT security in companies and gives advice for improvement. This enables companies to quickly check the security of their systems, identify weak points and remedy them.

Greece

The “Insurance day” 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 HAIC to raise awareness and communicate the benefits of insurance to consumers.

The 2020 campaign further developed the “Oops Tribe”, a family of animated scandalous characters who signify the unpredictable factor in our lives. The campaign consists of 4 videos on health, property, vehicle insurance and pensions. Consumers are invited to play and win prizes at “the Oops challenge”, an entertaining game on a microsite to see how prepared they are for the unexpected events in life. The campaign is communicated via social media (such as Facebook, LinkedIn and YouTube) and promoted via ads on social media, portals and radio.

Hungary

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.

Italy

During the last 2020 Annual Assembly an video was displayed and subsequently promoted and diffused on the web. The footage stressed the value of insurance and the role the insurance industry has always played, standing by Italians and supporting the Country, especially during the hard times of the Covid-19 pandemic.

A video celebrating over 75 years of history of ANIA was published on the web and is currently being used to introduce all events organised by ANIA. It shows the Association’s mission and the goals achieved with a view to guaranteeing more and more protection for citizens, families and enterprises. This footage highlights the central role ANIA and the whole insurance sector play in the Country’s growth and development and explains the insurance companies’ commitment towards Italians, which is based on three leverages: prevention from adverse events, household savings protection and medium-to-long-term financing of the real economy.

ANIA also issued a press release (“ANIA and the insurance companies stand by the Country from emergency to recovery”) which was published in its full version in the two main Italian newspapers, Il Corriere della Sera and Il Sole 24 Ore. The press release describes the commitment of the insurance sector which played an active part from the very beginning of the pandemic emergency through initiatives supporting the national healthcare system, the Institutions, the citizens and the Country as a whole. Insurance companies have secured their staff and workplaces to guarantee business continuity for their customers, developed protection solutions for households and enterprises, proposed reliefs for the sectors and insureds in stronger difficulties. Finally, ANIA and the insurance companies have set up working groups to face a further challenge: the relaunch of the economy.

Latvia

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

Fix je Risk - guest lectures by insurance professionals at primary schools

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 by providing guest lectures at primary schools. The guest lectures are given by the employees of the members of the VVN. The game “Fix je Risk” is an interactive way for children to learn about the role of insurance.

Boss of Tomorrow

In January 2019, the VVN participated in the JINC’s programme ‘Boss of Tomorrow’ and our Managing Director, Richard Weurding, has invited fifteen year old boy Marouane to take his place for a day. Marouane participated in a number of meetings at VVN and met with colleagues before offering his advice how to raise awareness of insurances of young people.

JINC supports young people aged between 8 and 16 to get a positive start in the job market, by offering job orientations and interview training. JINC believes that every child deserves a chance in the job market. Every year, the Boss of Tomorrow programme places more than 200 students with executives of large companies throughout the Netherlands to give them a taste of what it takes to lead a large organisation.

YouTube influencer insurance awareness campaign

Following the recommandations from "The Boss of Tomorrow", the VVN developed an awareness campaign for young people between 15 and 18 years old. The campaign was carried out in collaboration with NewBe and FIRST, the youth platform of Ziggo. In a YouTube video, Dutch influencer Ouassima Tajmout interviewed young people on the street about the value of their possessions and asked whether these assets are insured.

Romania

#readyforlife social media campaign

UNSAR — The National Association of Insurance and Reinsurance Companies in Romania ran an awareness campaign about life insurance for young people, the #readyforLIFE social media campaign. The project aimed to improve financial education and raise awareness about the benefits that life insurance brings to young people. The #readyforLIFE campaign targeted people aged between 18 and 35. The campaign ran until the end of March 2019 and included video and graphic materials on the Asiguropedia.ro Facebook page, but also as ads on Instagram and Facebook.

Asiguropedia.ro

Asiguropedia.ro is an online platform developed by UNSAR, which contains useful information for the general public about insurance, as well as tips for protection against various risks.

Slovenia

At the end of 2017, the Slovenian Insurance Association launched a campaign called ”Do not be frightened by old age”, which aims to raise people’s awareness of their life expectancy, demographic challenges and importance of saving for retirement. The target group for the campaign was youngsters up to 25 years old and was run through the social media, including Facebook, Instagram and Snapchat.

The follow-up to the 2017 campaign was called ”Occupations of the future” and was launched at the end of 2018. The target group remained the same and the campaign was also run through social media, supported by a webpage with information on pension facts.

The Slovenian Insurance Association also regularly publishes articles in one of the financial papers in Slovenia on different insurance topics in insurance, primarily with the aim of risk awareness and raising awareness of risk mitigation and importance of insurance.

Spain

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.

Since its conception, UNESPA has enriched the contents of the Estamos Seguros website with several new sections or subsites:

  • Seguros de entendernos (Sure of understanding each other) is the first step taken by the Spanish insurance industry to simplify insurance language across the industry. The Seguros de entendernos microsite was created in 2017 and contains multimedia materials that are meant to make insurance easier to understand. In 2018, the Spanish industry launched a voluntary best-practice guide in order to simplify the language used in the key information document of non-life insurance products (IPID). This best-practice guide has been widely signed by insurance undertakings.
  • The Tus coberturas (Your covers) microsite aims to explain to the general public what the characteristics of the five most common insurance products are: motor, home, health, life risk and funeral services. The microsite explains what is covered by compulsory, standard and extended insurance cover for each of these five insurance products.
  • Ahorrar da mucha vida (Saving gives lots of life) has been designed in order to make the life insurance saving products easy to understand to the average citizen. This microsite has been launched in late 2018. Every life insurance product is described in it, taking especial notice of its fiscal treatment, liquidity and whether customers’ investments are guaranteed or not.
  • Prevenir para vivir (Prevent to live) aims to give advice that helps people take care of themselves and plan the future. This microsite, which was launched in 2019, displays nine decalogues of advice that cover several aspects of life. These are health, family, retirement, driving, home, travelling, payments, legal issues and death.
  • Prevenir para Crecer (2020) (Prevent to grow) tries to raise awareness among SME of the risks that they are exposed to and the best way to prevent them. The microsite, operational since 2020, analyses nine risk cathegories. It also gives advice to prevent these risks and explains more than 50 insurance coverages that can help minimize the consequences of mishaps.

Save now video

Prior to the launch of Estamos Seguros, UNESPA produced a video called “Ahorra ahora” (Save now) in collaboration with the Spanish pension fund association (INVERCO) to encourage young people to save for their retirement. The video, which was produced in 2016, 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.

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.

Austria

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

The Croatian Insurance Bureau published its booklet “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.

Further distribution (directly and through insurance companies) of the booklet ”Actually, what is the purpose of insurance?” and the Insurance Europe leaflets – Insure yourself wisely: check before you travel, Insure yourself wisely: five important insurance related decisions (approx. 1500 leaflets distributed).

Czech Republic

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

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.

France

“15 tips to insure yourself wisely – disability, invalidity, death provision”

A work interruption, a disability or death can have serious financial consequences for a consumer and their relatives. Whether they are employees or self-employed, the allowances to which they are entitled in the event of work interruption, invalidity or death may prove insufficient to cope over time with the decrease in their or their family's income. Insurance products can then provide compensation for this reduction or loss of income in order to preserve the policyholder's or their family's life standard with a sustainable and lasting protection.

As part of FFA’s educational campaign, this brochure aims to support them in their decision-making to anticipate these risks. This brochure has been awarded with the financial education label “EDUCFI” from the Bank of France.

The brochure is available on the FFA website.

How to get your no-claims bonus in France acknowledged abroad?

In partnership with the Centre Européen de la Consommation, FFA published an explanation of the French no-claims bonus system and an example of the coefficient evolution.

Moving abroad involves a certain number of administrative proceedings consumers will have to go through regarding their vehicles. Indeed, insurance companies cannot insure vehicles having a foreign registration plate. Therefore, consumers will have to cancel their insurance contract in France. This guide helps consumers to transfer their information to their new insurer including the details of all accident they may have had over the last 5 years and the adequate Rebate/Coefficient they could qualify for.

The document is available on the FFA website.

“Socially responsible savings with my life insurance policy... Yes, it's possible!"

Consistent with its sustainable investment approach, FFA has published a financial brochure explaining how to give impact to its savings through a Life insurance policy: “Socially responsible savings with my life insurance policy... Yes, it's possible!"

Presenting the main principles of impact investing and its advantages, the booklet aims at explaining consumers how they can both seek for financial performance and choose investment vehicles meeting environmental, social and governance (ESG) criteria. Furthermore, it also lists the existing labels and the questions to ask to financial advisors before investing.

By supporting savers in their understanding of impact investing and ESG criteria, this brochure helps them choosing sustainable financial products that have a positive impact on the society.

“6 Keys to better understand and choose its supplemental health insurance"

Supplementary health insurance is a key element of access to healthcare: it allows for better reimbursement in all areas such as routine care and hospitalisation. This is even more significant in certain healthcare fields such as optics, audiology or dentistry. In order to guide policyholders in their choice of a supplemental health insurance contract or in the evolution of their cover, the FFA, together with other federations, has published a brochure containing a number of practical examples. A supplemental health insurance glossary has also been published to help policyholders to understand in concrete terms how these policies work. These documents are available on the FFA website.

Germany

Natural Hazard Report

The report takes stock of natural hazard damage to buildings, businesses, industry and vehicles. It focuses in particular on how natural disasters change the lives of those affected and the implications for prevention against natural hazards. It has been published annually since 2012. All publications can be downloaded from the GDV website.

Hungary

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

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.

Italy

"L’Assicurazione in chiaro"

The Italian Association of Insurance Companies (ANIA) launched a series of booklets through the Forum ANIA-Consumatori (a non-profit foundation that includes several consumer associations) named “L’assicurazione in chiaro” (“insurance in simple terms”) that explain insurance issues in a simple language to the general public.

The series covers topics such as health insurance, motor insurance, life insurance and home and family insurance policies. In particular, in 2020, two new information booklets were issued entitled “Coronavirus: changes in insurance” and “Frauds: how to protect ourselves from those who swindle us and insurance. Furthermore, a new guide was released with a specific focus on insurance distribution. The booklets are available in a digital format on the websites of the Forum ANIA-Consumatori and on the the “Io e i Rischi” website. They are also available to the public via the websites of consumer associations and several insurance companies.

Brochure on the history of ANIA illustrating the Association’s evolution throughout over 75 years of existence and the key role the insurance industry has always played in the Country’s development, protection and security.

Slovenia

The Slovenian Insurance Association has published specialised brochures on its website that provide consumers with information about particular insurance products or advice on specific situations closely linked to the issue of insurance.

Furthermore, the Slovenian Insurance Association published a booklet on demographic changes "Demography: Challenges of the Future of Slovenia". As Slovenia is one of countries in Europe that is most affected by demographic change, the booklet focuses on the changes in society and products, community living and relations between old and new generation. The aim of the booklet is to promote long-term insurance savings products.

Spain

UNESPA published in 2019 an Insurance Letter (Carta Aseguradora). This brochure is aimed to the general public and lists the commitments of Spanish insurers towards the insured. From the first request of information by a potential customer to the management of a claim. This document includes a decalogue of what is the general contribution of insurance to society.

Digital channels

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. The European insurance industry uses digital channels to help consumers to take more responsibility for their financial decisions and find the insurance products that suit them best.

General consumer websites, mobile applications and advice services

Financial education can benefit all ages and income levels. In turn, it benefits the economy and society as a whole. It is important that individuals are equipped with a sound level of education on financial issues at all stages of life. The European insurance industry wants to empower consumers by providing them with independent information about insurance products.

Belgium

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.

Bulgaria

The Association of Bulgarian Insurers (ABI) has a dedicated consumer section on its website. It includes materials on insurance basics and various types of insurance products.

ABI’s Facebook page „My Life” is consumers’ oriented and provides plain language information on various topics related to the insurance: insurance basics, insurance products, personal finance management.

In 2020 ABI launched online educational quiz “Your Insurance IQ”. The test consists of 15 questions. It combines the self-assessment and objective assessment of knowledge on basics of insurance and insurance products. The assessment is combined with education – additional information and explanation is provided for every question of the quiz.

Croatia

The Croatian Insurance Bureau (CIB) has a section for the financial literacy and for the consumer protection on its website.

Through continuous activities on social networks, CIB together with insurance companies, performed information on financial literacy.

Denmark

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 also has 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.

France

E-constat auto

Launched in December 2014 by French insurers, “e-constat auto” is a mobile application meeting the expectation of consumers increasingly using mobile technologies in their daily lives. Downloadable free of charge from the Apple Store and Google Play, this application allows insureds to report their car accidents directly to their insurers through their smartphone, based on the model of the paper accident report. This application can be used in every case of accidents involving one or two motor vehicles, registered and insured in France or Monaco, which have only caused material damage. Thanks to its simplicity, promptness, reliability and universality, the e-constat auto allows a faster processing and settlement of claims.

Germany

DIE VERSiCHERER

"DIE VERSiCHERER" is a digital, customer-oriented campaign by the German Insurance Association (GDV). The website is aimed at insurance customers and their specific questions: Should I cancel my insurance? Which insurance premiums can I deduct from my taxes? The campaign relies on surprising and self-critical content to reduce consumer reservations and it has already won several PR and online awards. More information about the campaign can be found on the campaign website, Facebook and Instagram.

Ireland

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.

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"Io & I Rischi" website and Facebook page

The website the “Io e i Rischi”is dedicated to the insurance educational program in schools, named “Io & i rischi”, promoted by the Forum ANIA-Consumatori (a non-profit foundation that includes several consumer associations).

The website provides an overview of the different aspects of the Io e i Rischi programme and offers materials and resources for teachers to develop their lesson plans. The website also publishes news related to other insurance-related projects promoted by the Forum: the “Gran Premio di Matematica Applicata” competition and the series of insurance booklets “L'Assicurazione in chiaro”.

In addition, the the Forum ANIA-Consumatori promotes its initiatives in education also through social networks, creating and managing two Facebook profiles dedicated to “Io & i Rischi” and the “Gran Premio di Matematica Applicata”.

Mobile phone application

The ANIA-Consumers Forum issued a mobile phone application, with the aim of raising citizens’ about the need to monitor their risk exposure areas and plan their protection strategies. Through the application users can check your level of financial knowledge and monitor the vulnerability degree of their family. The application is available in the app store and Google play.

Netherlands

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

In 2017 the Polish Insurance Association (PIU) launched a 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.

Spain

The Tus coberturas (Your covers) microsite of the Estamos Seguros campaign by the The Spanish Insurers Association (UNESPA). On this microsite people can find explanations of what the characteristics of the five most common insurance products are: motor, home, health, life risk and funeral services. The microsite explains what is covered by compulsory, standard and extended insurance cover for each of these five insurance products.

Sweden

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 two million visitors in 2019 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.

Fullmaktskollen.se is a service for managing powers of attorney relating to pensions and life assurance policies. Fullmaktskollen.se makes it easy for individuals and companies to get an overview of their powers of attorney and how long they will be valid. The service also allows users to sign powers of attorney and revoke them. It is provided free of charge for individuals and companies. Fullmaktskollen.se was established in 2016 by Insurance Sweden and the Swedish Insurance Brokers' Association.

United Kingdom

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 was an intial 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. During 2018 the topics covered has been expanded to also include travel, pet and health products. 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 have been promoted during three separate campaign periods, on Facebook and Instagram, bringing in well over 3 million online impressions and attracting thousands of visitors to the 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 and a new advice series called Insurance Questions Answered, based on the most common google queries about insurance.

Comparison websites

Comparison websites run by national insurance associations can play a key role in the delivery of impartial and independent information to consumers on insurance products and to help them purchase the policy that suits them best. In the Czech Republic, Denmark, Hungary, Norway and Sweden, the insurance industry has developed non-commercial and independent comparison tools to empower consumers by allowing them to compare products and make smarter product choices.

Czech Republic

In June 2019 the Czech Insurance Association launched a comparison website for life insurance products to provide transparent and complex information to consumers. The aim of this comparison website is to provide consumers with uniform information on the cost-effectiveness of the investment part of insurance-based investment products (IBIPs). As investment life insurance is also used as a long-term investment tool, the cost-effectiveness of the investment is a key indicator for choosing one product over another. The website includes a simplified calculator that can be used by consumers and brokers in their communication with clients. Insurance companies have provided the data provided for the tool.

Denmark

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

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

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

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.

Online calculators

Online calculators can be a valuable tool to show people whether they are sufficiently covered by their insurance policy, what compensation they are entitled to or if they are saving sufficiently for their retirement. This transparency is key to creating awareness and empowering individuals to be able to make informed decisions and take more responsibility for their financial decisions. Calculators could also help people focus on their longer-term priorities and support them in planning ahead.

Czech Republic

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

Pension calculator

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. People can use the calculator to receive an estimate of their future pension benefits in less than 60 seconds.

Motor insurance: search engine car model and regional classification

The type of car and the region where the car will be insured are two of the numerous components considered by insurers when calculating motor insurance premiums. In a search engine on the GDV consumer portal "Die Versicherer" consumers can determine with just a few clicks how both their region and their car model are classified. The individual car model classification reflects how often the car model is responsible for accidents and how high the average (third-party) damage is. The regional classification is influenced by the driving behaviour of the drivers in the area. The lower the classification in the type and regional, the more favourably this affects the insurance premium.

Spain

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 21 000 times since it was created. The application is available from Google Play, the App Store, the Chrome App Store and the UNESPA website.

Sweden

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. Two million people have visited the website since 2014.

Pension tracking tools

As individual responsibility becomes ever more vital, public awareness of the need to make adequate provision for retirement must be raised. Tracking services, which show individuals their entitlements accrued in the different pension pillars, can be a valuable tool in promoting the need for them to save. Showing someone what they can expect in retirement — and so clearly demonstrating their own potential pension gap — can encourage them to save more for their retirement.

Denmark

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

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 Pension Funds and the “Sociale Verzekeringsbank”, the organisation that implements national insurance schemes in the Netherlands.

Norway

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

The Swedish pension tracking system, “MinPension” (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. In 2019 My Pension had 2,8 million registered users, out of a total of 5,7 million potential users.

Insurance Europe activities

Publications

In 2017 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 and new examples can also be found on this webpage.

Since 2018, Insurance Europe's financial education activities are brought together in its “InsureWisely” campaign. The campaign material includes a booklet and a series of infographic facsheets on different insurance topics with useful tips for consumers to for example reduce risks, choose the right policy and make a claim. This material is also used by Insurance Europe members in their national markets.

Video: protecting your family

Insurance Europe developed a short animation 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.

Publications

#InsureWisely

Insure yourself wisely

16-6-2020
Booklet
#InsureWisely

Insure yourself wisely - cover your home

25-3-2019
Infographic
Search Financial education (#InsureWisely) archive

Contacts

William Vidonja

Head of conduct of business
+32 2 894 30 55

Arthur Hilliard

Senior policy advisor
+32 2 894 30 56

Annemarie Bos-de Roos

Senior policy advisor, communications & PR
+32 2 894 30 71