1. Financial education activities of the European insurance industry
Arthur Hilliard
Insurance Europe
Budapest, 22 November 2018

2. Insurance Europe European insurance and reinsurance federation,
Who?
European insurance and reinsurance federation,
founded in 1953
What?
Represents around 95% of European insurance market by premium income
Why?
Committed to creation of favourable regulatory and supervisory framework for insurers at European and international level.

3. Members 35 national associations 27 EU member states 5 non-EU markets
Switzerland, Iceland, Norway, Turkey, Liechtenstein
2 associate members
Serbia, San Marino
1 partner
Russia

4. Contribution to the economy
Insurance Europe represents around European (re)insurers, which:
generate premium income of more than €1 200bn
directly employ over people
invest over €10 100bn in the economy

5. Financial education and awareness

6. Why is it important?
Helps provide individuals with the knowledge, confidence and skills necessary to improve their understanding of financial products and concepts
Core life skill that needs to be developed and nurtured as early as possible to encourage responsible financial behaviour and to give people the confidence to take control of their finances
Increased awareness of financial risks and opportunities helps people to make informed decisions, making them better prepared to engage in economic activity, which in turn helps to drive growth in the European and global economy

7. The importance of insurance
From an economic perspective, insurance provides people and businesses with financial protection, so that when something bad happens they can maintain a certain standard of living and avoid burdening public finances
Important to ensure that as many people and businesses as possible are able to take out suitable insurance cover
Two key insurance issues:
How to ensure an adequate level of insurance cover? (Risk awareness)
How to best make provision for retirement? (Pensions education)

8. The importance of insurance
Risk awareness
Many consumers have low level of awareness of risks they face and lack requisite knowledge of insurance products and coverage
Important to ensure awareness vis-à-vis potential risks to which individuals are exposed and means by which insurance can best cover those risks
National associations raise awareness of dangers of insufficient insurance coverage among vulnerable groups in society (eg natural disasters, serious illness), as well as new and emerging risks, and possibility of being covered against such risks

9. The importance of insurance
Pensions
Current financial climate has heightened public anxiety about pensions and importance of making provision for retirement
Demographic challenge of ageing societies makes it even more important for inividuals to be prepared for financial risks and to have a good retirement plan
Finnacial education allows individuals to be properly equipped with the literacy skills necessary to adequately assess their need for financial and social protection, and make informed decisions on saving for retirement

10. Insurance Europe activities

11. Insure Wisely campaign
January 2018: Launched new financial education campaign “InsureWisely”, including online financial education portal and new year’s resolutions one-pager
Online portal focuses on why financial education is important and what insurance industry is doing
Part of wider strategy on consumer protection and targeted at wide range of stakeholders

12. Insure Wisely campaign
Publication of infographics
New Year’s resolutions
Travel insurance
Motor insurance
What to do if you have a road accident abroad

13. Insure Wisely campaign
#InsureWisely quiz: Global Money Week, March 2018
Launched online financial education quiz targeted at a wide range of stakeholders, including policymakers, journalists, social media and general public
Allowed them to test their level of financial education and knowledge of insurance with 12 (simple?) questions
May 2018: Break-out session on financial education at Insurance Europe’s 10th International Conference in Madrid

14. Insure Wisely campaign

15. Insure Wisely campaign
Campaign demonstrates Insurance Europe’s commitment to financial education and highlights the national initiatives undertaken by its members
Positive reaction to campaign by other stakeholders, press and on social media
Several Insurance Europe members have used campaign material in their own markets

16. Insurance Europe policy recommendations on financial education
Publications
How insurance works
Financial education in a digital age — initiatives by the European insurance industry
Insurance Europe policy recommendations on financial education
InsureWisely infographics

17. Financial education in a digital age
Initiatives by the European insurance industry
In March 2017, Insurance Europe launched a publication showcasing some of the many initiatives its member associations undertake
Publication also makes policy recommendations on how best to boost financial literacy in Europe
Encourages greater use of digital tools as a means of reaching and engaging with public on financial education

18. Financial education in a digital age
Teaching and training
Awareness-raising
Campaigns
Brochures
Schools
Educational
games
Digital channels

19. Financial education in a digital age
Teaching and training:
Schools
Finland: “Zaldo”

20. Financial education in a digital age
Teaching and training:
Schools
Italy: "Io & i rischi"
(Me & Risks)

21. Financial education in a digital age
Teaching and training:
Schools
Iceland: “Fjármálavit“
(financial knowledge)

22. Financial education in a digital age
Teaching and training:
Educational games
Austria: “Less risk – more fun”

23. Financial education in a digital age
Teaching and training:
Educational games
Netherlands: “Fix je Risk”

24. Financial education in a digital age
Teaching and training:
Educational games
Portugal: “Seguros e Cidadania”

25. Financial education in a digital age
Awareness-raising
Campaigns
Brochures
Germany
Greece
Spain
Austria
Croatia
Czech Republic
Hungary

26. Financial education in a digital age
Focus on digital tools
Technology-based tools can contribute to raising financial literacy levels and help overcome some of the barriers to financial education:
Potential to reach a wider section of the public
Faster and more convenient to access information
As technology develops further, range of interactive online tools will continue to grow, prompting new and innovative ways of engaging the public on financial education

27. Financial education in a digital age
Policy recommendations (I)
Integrate financial literacy components into school curricula
Develop national strategies for financial education
European Commission Recommendation on financial education
European Commission promotion of pension tracking services
European Day of Financial Education

28. Financial education in a digital age
Policy recommendations (II)
Better information, not more information, for consumers

29. Financial education in a digital age
Policy recommendations (III)
Greater responsibility for EIOPA
Increase the use of digital tools for financial education
Increase interactive learning

30. Other Insurance Europe activities
European Platform for Financial Education
Global Money Week

31. Feedback on industry initiatives
What has the reaction been?
Feedback received by Insurance Europe on awareness-raising activities has been very positive
“Teaching the teachers” effect
Most common reaction is that seeing the initiatives/materials used in other countries has provided a great source of new ideas and examples for initiatives that could be reproduced in their own market
Insurance Europe is actively continuing its work in this area, based on the encouraging feedback received

32. Twitter: @InsuranceEurope
For more information
#InsureWisely