(Finance) – “The consumer trends report 2024 recently published by Eopa indicates that 17% of European consumers do not sign or renew insurance investment products because they have high costs and that 37% of European consumers identify the low costs as important factors for the evaluation of the Value for Money, while for 34% key element are the good returns: all aspects of which it must be taken into account in the construction of a product”. This is what he said Federica Vicenzotto, Chief Compliance Officer of Intesa Sanpaolo Assicurazioni on the occasion of first “Digital Insurance & Distribution Hub” organized by Cetif, held this morning in Milan.
“The concept of Value for Money and the Product Governance process in the last year, – he continued Vincenzotto – They have seen a further maturation phase: today, in addition to having a constant focus on the customer, the insurance sector also deals with other challenges, in particular the use of technologies for data analysis and the increasingly stronger need that customers understand insurance products, their characteristics and their benefits. In this context, the compliance function must be flexible, agile and interfunctional, in collaborating with all the other company functions that have a role in the product governance process; In order to create products dedicated to specific customers’ bands and evaluate the actual value of the product over time, it must also be able to analyze the data, which must be managed safely and in accordance with privacy legislation “.