EIOPA staff paper sets out four-pillar approach to integrating behavioral insights into conduct of business supervision
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EIOPA publishes a staff paper with a four-pillar framework for supervisors to apply behavioural insights in conduct of business supervision and improve consumer outcomes. It imposes no new requirements and is meant as a practical guide.
Key points
- Pillars: define consumer outcomes, understand actual behaviour, intervene at market, product and distribution level, and combine evidence methods
- Examples: the natural catastrophe protection gap, credit protection insurance sold via banks and IBIP sales
Who is affected
Conduct supervisors, insurers and distributors
Plain-language version
EIOPA, the EU watchdog for insurers and pension plans, suggests supervisors use behavioural economics, the study of how people really make decisions rather than how they should, to protect customers better. It sets out four steps, from defining a good outcome for consumers to measuring what works. It creates no new obligations.
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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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