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 of Munich Re Foundation. This note provides a summary on the topic of consumer education and illustrates key takeaways for supervisors and policymakers, as well as for the industry, in general.
Consumer education is more important than ever in today´s rapidly changing insurance business environment. The increased reliance on digital distribution has had a great impact on both the dissemination of financial education and the range of customers involved. Furthermore, there is a significant increase in the number of public-private, multi-stakeholder efforts supporting financial education in inclusive insurance, and some emerging trends can be identified.
- Microinsurance Network
Microinsurance Network, Access to Insurance Initiative (a2ii), International Association of Insurance Supervisors (IAIS), with support from the Munich Re Foundation