Less is more. The famous line quoted by architect Mies van der Rohe is not only applicable to buildings, but also to insurance. For the industry to be more efficient, it’s essential that it invests in offering information that is clear and simple. Customers must be kept informed of the key elements that define any product in which they might be interested. They need to have the right information to make an informed decision. Too much detail creates confusion, not greater clarity.
It’s important to bear in mind that insurance is subject to regulations from different areas that frequently overlap with each other. International, European, national and local regulations apply. This makes it difficult to provide consumers with simple, transparent and above all useful information when they are offered a particular product. It’s therefore essential to avoid overlaps between standards when drawing up any new legislation or amending existing regulations.