Mystery Shopping Exercise on Sales of Insurance in 8 Member States
Wed Jul 5 2023
Members should be aware that EIOPA announced last week that it will soon coordinate the first joint mystery shopping exercise on sales of insurance. The exercise will be conducted in 8 Member States. The results of the exercise will be available in the first half of 2024.
According to EIOPA, the main objectives of mystery shopping are understanding of consumers’ experience in practice, evaluation of how providers treat consumers in the sale process, assessment of the application of regulatory requirements and monitoring and follow up on supervisory measures. Mystery shopping also gives particular insights on consumer risks arising in the product delivery phase as part of the interaction between consumers and distributors at the point of sale.
It is not known which 8 Member states this exercise will take place in, but it is likely that the results of the exercise will have an impact on the RIS discussions which are taking place at present.