Financial Literacy & Consumer Education Roger Zaccar Board Member Commercial Insurance Lebanon

Table of Contents 1.Commercial Insurance Introduction 2.Consumer Education tools 3.Informed Consumer 4.Case Study: Lebanon

Commercial Insurance is proud to have celebrated its Golden Jubilee three years ago Established in 1962 by late Roger Zaccar Offer both life & non life insurance services Reputed for personalized services and innovation Vision: To be the preferred insurance company in our markets Mission: Our aim is to manage your risks so you can live boldly Extremely satisfied customers – highest renewability rates Supported by first class reinsurers with whom we enjoy a high credibility

Consumer Education Tools National Campaigns Mandatory Insurances Community Champion Schools/ Universities National Programs Focus Group E-Education Social Media

Insurance Market Insurance is sold Insurance is bought

Insurance Consumer Education Objective: We seek sensitize the public: On the importance of insurance The reasons as to why one should have an insurance cover Types of products available on the market AIM: Strengthen consumer confidence

An Informed Consumer – Win Win ConsumerInsurance Comp.  Selective Sound Insurer  Understands Risks Policy Cover  Risk Management Risk Prevention  Stimulate Demand Growth  Understands Claim Procedures Increased Cooperation & Trust  Complaints Better Supervision  International Standards More sophisticated industry

… a step further Consumer education has surpassed explaining a benefit plan to a whole care management program through:  24 hour support  Simple terms & conditions  Preventive Measures - e.g. preventive healthcare  Geo-localization e.g. agriculture or travel insurance  Insurance aggregators websites  Increased education channels - Social Media  Real time rating/ feedback/ reviews

Case Study: Lebanon Motor bodily injury Workmen Compensation Expat Insurance Elevator Insurance Mandatory Insurances Actuarial Degree Insurance Degree ACII, SOA … University Education Programs 1 2 Association of Insurance Companies Insurance Control Commission – Ministry of Economy Complaint Office Government Bodies 3

Case Study: Lebanon National Insurance Awareness Campaigns PPPs : eg health insurance for all Government Subsidies : eg agriculture Enhanced regulation Insurance aggregators & rating Missing Lower Penetration Rate Decreased Trust in the sector =>