EIOPA Staff Paper on putting behavioral insights into practice in conduct of business supervision
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EIOPA staff paper explaining why many consumers are underinsured, fail to plan for retirement or buy unsuitable products, and how supervisors can use behavioural insights to address this. It proposes four building blocks illustrated with cases from EIOPA's own work.
Key points
- Four building blocks: outcomes, actual behaviour, interventions at different levels and evidence methods
- Cases: natural catastrophes, credit protection insurance via banks and the IBIP sales process
- It does not reflect the views of EIOPA's Members and is not binding
Who is affected
Conduct supervisors, insurers and distributors
Plain-language version
A staff paper from EIOPA, the EU watchdog for insurers and pension plans, trying to explain why so many people lack the insurance they need, don't plan for retirement or buy products that don't suit them. It suggests using behavioural economics (how we really decide), with cases like natural disasters. It is not binding and not EIOPA's official position.
Read the original document →
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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