Insurance Europe has developed its own proposed format for the standardised insurance product information document (IPID) for non-life insurance products, to support work by the EIOPA and the European Commission in developing a standardised IPID.
The IPID is an essential part of the Insurance Distribution Directive, which will require insurance distributors to provide consumers with relevant information about non-life insurance products prior to the conclusion of a contract.
The Directive stipulates that this information shall be provided in a standardised IPID on paper or on another durable medium.
Insurance Europe’s proposal intends to achieve a solution that is both consumer-friendly and that works in both paper and digital formats. For example, the use of icons will help to draw the consumer’s attention to the different sections to identify relevant information quickly and make the document simple and easy to read.
The proposal meets all of the necessary information requirements set out under the Directive and ensures a digital-friendly approach that complements the growing trend of digitalisation in financial services.
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