On 16 December, EIOPA published its fifth annual Consumer Trends Report. A major theme is the impact of digital technologies on consumers. There has been an increase in the collaboration with Insurtech start-ups to develop innovative insurance products and services and this new technology in addition to greater data gathering is changing the way consumers behave and interact with insurers and intermediaries. This includes an increase in personalised products based on consumer analytics leading to a possible reduction in availability of insurance products to certain consumers and also improved interactions with consumers based on tailored sales through mobile phone applications.
Other trends noted by EIOPA include in the context of the low interest rate environment new life insurance products with little or no guarantees continuing to be introduced to the market, decreased complaints in relation to motor insurance in most European countries and increased complaints in relation to travel and household insurance in several European countries.
A link to the report is here.