EIOPA has published its fourth consumer trends report, analysing the occupational and personal pensions sectors for the first time as well as the insurance sector. EIOPA identified the following new and emerging trends in the insurance market:
- advanced analytics of consumers’ characteristics and “Big Data” allow products to be better adapted to the needs of consumers but privacy concerns and segmentation strategies need to be carefully monitored;
- there should be more efficient management of potential conflicts of interest, especially given the increasing complexity of some insurance products; and
- training and professional competence requirements for insurance intermediaries need to improve to protect consumers’ interests. The IDD should help address these concerns.
(Source: EIOPA Reports on Consumer Trends)