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EIET Conference – Acquiring competence to protect the consumer

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On 8th and 9th of October 2015, the Institute of Financial Studies organized, under the aegis of EFICERT, the EIET Conference – European Conference of National Institute for Professional Education in Insurance having as main topic “ACQURING COMPETENCE TO PROTECT AND SERVE THE CUSTOMER”.
During the conference have been discussed the major changes that the implementation of the Insurance Distribution Directive (IDD) will bring in terms of consumer protection and how they are translated into the training of the people that activates in the distribution of insurance and reinsurance products.
Thus, following the discussions it resulted that, at European level, is better to have a common ground regarding the continuing professional development of the employees of insurance companies and brokers, noting that each country will implement the requirements of the Directive on the specifics of their markets. At the same time, each country will ensure, through specific mechanisms that all the persons involved in the distribution of insurance and reinsurance products have the required knowledge and the minimum skills necessary in order to operate with professionalism seeking the satisfaction and the protection of the consumer of insurance and reinsurance products.
During the discussion it was emphasized that technological progress and access to diversified information influences the behavior of the consumer of financial services, therefore it is required an increase in the quality of the training of staff involved in the sale process so that through knowledge, attitude and interpersonal relationships developed, the overall image of the insurance market will be improved and, ultimately, the public confidence in insurance and reinsurance products will be increased step by step.
The conclusions of the Conference were concentrated upon the acceptation that the Directive to be implemented will bring both challenges for each of the Member States but will be also an opportunity not to be neglected in terms of increasing of professionalism of those working in the insurance market, opportunity that vocational training bodies must exploit in order to achieve the major goal which they have, namely to ensure conditions for professional development of the personnel employed in this area.

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