Europe towards a legislation more focused on customer

25 May 2016 — Alexandru CIUNCAN
file1-mic"We need rules to be clear, simple and fit for purpose. Unfortunately, there are many examples where EU legislation — despite being well intentioned — is none of these things", Sergio BALBINOT, the President of Insurance Europe and a Member of the Board of Manament of ALLIANZ SE stated during his opening address of the 8th International Insurance Conference. The event brings together some 650 stakeholders in Dublin, Ireland on  May 25th 2016.

file-micBALBINOT shared the industry view on various pieces of European legislation and its pitfalls while also touching upon future challenges that the industry will likely be facing. Even more than in previous years, consumer protection was the major focus point of the event - though yet again consumer representatives are still to join the official conversation during Insurance Europe's annual event. During the first panel of the Conference, EIOPA's Chairman stressed that the institution has been pushing for a paradigm shift of the industry towards consumers. "I'm happy to see that the attitude is now changing [...]" although the road ahead is still long, Gabriel BERNARDINO, EIOPA's Chairman stated. "I've been pushing on this idea since the beginning. Current legislation is much more engaged with consumers. Just as an example - EIOPA has 7 consumer representatives in its Insurance and Reinsurance Stakeholder Group (IRSG).
However, "continuing work is needed by regulators & industry to keep consumers at the heart of regulation", he stated. Timing is good, as more than ever the insurance industry has "a real opportunity now" to show consumers that the attitude is changing. There were some different views too: " I reject the idea that insurance is not a consumer serving industry", Mike MCGAVICK, Chairman of the GENEVA Association shared with the audience. Nevertheless, all pannelists were in agreement with Rowan DOUGLAS, CEO capital, science & policy practice, WILLIS Towers Watson: "Insurance is the new big idea" for solving societal risk issues. "It is the ultimate community product. We should be proud!". More to follow.
IMG_1023_micLive tweets:
  • Panel B - Magnusson: Technology more important than ever & difference between product and distribution is disappearing #Insconf16
  • Prof Karel Van HULLE chairing Europe's biggest insurance conference #InsConf16 one week after
  • Thrilled to see Gabriel Bernardino of @eiopa_europa_eu fighting for European consumers at #InsConf16
  • Bernardino: We are happy to see that the attitude toward consumers is changing. We have been pushing. #InsConf16
  • Rowan Douglas: "Insurance is the new big idea" for solving societal risk issues; "we should be proud" #InsConf16
  • Bernardino: Continuing work is needed by regulators & industry to keep consumers at the heart of regulation #InsConf16
  • Serving the customer in tomorrow's world - main topic #InsConf16. Good to hear that clients are in the limelight
  • Panel B - Wendling: 3 new trends in distribution: community (peer-to-peer), automated, embedded
  • Julie McPEAK, NAIC (USA): Consumers need more information & education in planning their retirement
  • Julie McPEAK, NAIC (USA): Financial education for seniors will be a big theme for 2016 at NAIC. Innovation is another theme

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