Friday, January 29, 2016
In November 2015, regulators, supervisors and industry representatives came together for the 5th Consultative Forum, a platform for dialogue on microinsurance issues pertaining to regulation, organised by the Microinsurance Network, the a2ii, IAIS, with support from the Munich Re Foundation. The key outcomes and takeaways from this forum are summarised in the "5th Consultative Forum note: Consumer education - old questions, new thinking", providing guidance on consumer education to supervisors, policymakers and the industry.
Amongst the topics covered in the note are the fostering of financial capability, the need for financial education efforts to be matched with suitable products, financial education and learning as consumer rights, multi-stakeholder approaches, and emerging best practices for financial consumer education. Increasing trust in insurance and insurers, understanding behavioural finance and the increased consumer protection risks arising from digital financial inclusion are cites as some of the main current challenges.
Click here to read the full note