Since its first annual Consumer Trends Report, the European Insurance and Occupational Pensions Authority (EIOPA) has been highlighting concerns regarding issues in the European unit-linked products. Costs can significantly impact the returns of all insurance-based investment products.
While well-designed unit-linked products can provide substantial benefits to consumers, enabling them to seek higher returns, those not crafted in a customer-centric manner remain a prominent area of concern for supervisory authorities. National competent authorities report several issues, including high complexity, mis-selling, mismatches between actual returns and customers’ expectations. Notably, there are concerns about the poor value these products offer. Therefore, it is crucial to raise awareness among insurance players, insurance undertakings, and intermediaries and develop a common approach for addressing value-for-money risks.
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Duration: 1h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this training, participants will be able to:
- understand the context and regulatory background of the value-for-money concept;
- understand EIOPA's supervisory expectations on Product Oversight and Governance (POG);
- understand the key messages of EIOPA and the Commissariat Aux Assurances (CAA) related to the value-for-money key requirements;
- understand Retail Investment Strategy context, and requirements and connections with the value-for-money.
Content
- Past, present and future of Insurance Distribution Directive (IDD)
- EIOPA consumer’s trends reports and value-for-money
- Value-for-money background
- EIOPA’s supervisory expectations on POG
- Relevant considerations on the value proposition
- Peer review on POG
- EIOPA value-for-money statement
- EIOPA value-for-money methodology
- Retail investment strategy: the context
- Retail investment strategy: the challenge(s)
- Retail investment strategy: zooming into the value-for-money
- Current supervisory approach and expectations at EU level
- CAA key messages and offered tools to evaluate the value-for-money
- CAA Information Note 23/4 related to the quantitative questionnaire on value-for-money
Target audience
- Professionals of the insurance/reinsurance industry.
- Insurance and reinsurance intermediaries (brokers, agents etc.)
- Stakeholders involved in the insurance industry ecosystem (e.g. asset managers, bankers etc.)
Our lead experts
This training is coordinated by Anthony Dault, Partner at PwC Luxembourg. It will be delivered by experts from PwC Luxembourg's Insurance sector, who have acquired in their daily work a significant and detailed experience of the issues faced by insurance market players. (Depending on the needs expressed, PwC Luxembourg may mobilise experts within its network).
Anthony is a partner specialised in insurance/reinsurance and international tax structure, and is actively involved in PwC Luxembourg Reinsurance and Insurance Group (RIG), including the insurance and reinsurance regulatory team. Anthony has more than 18 years of experience serving several multinationals, subsidiaries of European and US registered companies reporting under IFRS or Lux GAAP in the insurance and reinsurance sector, starting in 2003 in PwC Paris insurance department and in PwC Luxembourg. In the past years, Anthony has been involved in the development of the PwC Luxembourg insurance regulatory practice, with a strong focus on cross-border distribution as well as regulatory licencing projects. In that context, he co-heads the IDD service offering of PwC Luxembourg, and is a member of the ACA IDD working group.
