The European Insurance Authority verifies online sales of non-life insurance in 10 member states

The European Authority for Insurance and Occupational Pensions will coordinate a new "mystery shopping" exercise in the insurance sector to verify online sales of non-life insurance products in 10 member states.

In short

The EIOPA Supervisory Board has approved the launch of the second coordinated "mystery shopping" exercise in the European insurance sector.

The new campaign will analyze online sales of non-life insurance products in 10 member states.

The exercise will be coordinated by EIOPA and will follow a common methodology developed together with the members of the authority.

Results are expected in the first half of 2027.

EIOPA is expanding the supervision of commercial behavior in insurance to the area of online sales through a joint exercise that will test how consumers navigate the process of purchasing non-life insurance products.

The decision was agreed upon by the Supervisory Board of the European Authority for Insurance and Occupational Pensions. The exercise will take place in 10 member states and will be conducted based on a common methodology developed by EIOPA together with its members.

The first coordinated action at the EU level focused on the sales of insurance-based investment products. The second exercise shifts attention to non-life insurance products sold through digital channels.

"Mystery shopping" involves the use of trained individuals who act as potential consumers to assess the actual purchasing experience. These interactions can take place both through physical visits to distributors and through online channels.

In the case of the new exercise, the focus will be on the consumer's digital journey, from product presentation to online sales stages. The objective is for supervisory authorities to obtain practical information about the risks and opportunities associated with the purchasing process.

Findings will provide authorities with a structured view of the results for consumers in the insurance market. Results from the second coordinated exercise are expected in the first half of 2027.

EIOPA is the European authority responsible for supervising the insurance and occupational pensions sector at the level of the European Union. "Mystery shopping" exercises are used by supervisory authorities to directly observe how the sale of financial products works from the consumer's perspective.

The new campaign reflects the growing importance of digital channels in the distribution of insurance products. For European supervisors, verifying the actual purchasing experience can show whether the information provided to consumers is clear, whether the sales process is appropriate, and whether products are presented in a way that allows for informed decision-making.

https://2eu.brussels/ro/stiri/autoritatea-europeana-pentru-asigurari-verifica-vanzarile-online-de-asigurari-non-viata-in-10-state-membre