|Practice area:||Behavioural Economics | Consumer behaviour and protection | Finance|
|Client:||European Insurance and Occupational Pensions Authority (EIOPA)|
|Published:||01 August, 2016|
|Keywords:||qualitative analysis quantitative analysis stakeholder surveys and consultations|
EIOPA commissioned a consortium consisting of LE Europe, Ipsos MORI and Academy Design Partners to undertake consumer testing on the design of a standardised presentation format of an Insurance Product Information Document (IPID). The findings of the consumer testing, as presented in this report, were intended to assist EIOPA to reach a view on the optimal IPID format to be used on a pan-European basis, and that would be applicable across all types of non-life insurance contracts.
The main components of the study were as follows:
- Design of various formats for the IPID;
- Qualitative testing of the various formats of the IPID using focus groups;
- Quantitative testing of the various formats of the IPID using an online survey.
The aim of the testing was to assess the extent to which alternative IPID formats alleviate consumer difficulties in understanding non-life insurance products and clearly communicate the content of the IPID in an understandable, non-misleading way that can also aid comparisons. On the basis of the design work and consumer testing, a recommended IPID format was developed.