Uncovering the IBIP sales process – Results from EIOPA’s First Coordinated Mystery Shopping Exercise on Insurance-Based Investment Products

The European Insurance and Occupational Pensions Authority (EIOPA) published today the results of its first EU-coordinated mystery shopping exercise, which examined the sales process for insurance-based investment products across 8 EU member states. As part of the exercise, trained shoppers made visits to insurers, banks, agents, brokers and post offices to assess distributors' information-gathering processes, their information disclosure practices as well as their ability to offer products that match consumers' needs and objectives. Overall, the findings indicate that while distributors often provide relevant information to shoppers, there are areas for improvement in terms of disclosure, transparency and consumer outcomes.