Insurance distribution in Germany

Transcription

1 Insurance distribution in Germany GDV German Insurance Association Marc Schmiele

2 2 Agenda 1. Introduction I. Overview on GDV II. III. IV. German insurance market German IDD-transposition European IDD-transposition 2. Specific questions I. IPID for customer vs. consumer II. Continuous Professional Development of Insurance Intermediaries

3 Introduction Overview on GDV and German insurance market 3

4 4 The German Insurance Association European Office 51, rue Montoyer B-1000 Brussels Phone: Fax: GDV HQ, Berlin Wilhelmstraße 43 / 43G Berlin Phone: Fax: berlin@gdv.de Source: gdv.de

5 5 GDV tasks and functions Politics and government Members Positions Shaping opinion Services Public Identifying themes and interests of primary insurers and reinsurers in Germany 456 Member companies 524,000 people work in the insurance sector 431 million insurance contracts and risks 1,509 billion Investments Source: gdv.de Status: November 2017

6 6 Insurance mediation and advice in Germany Insurance Mediation (including advice * ) Insurance Advice (including mediation) since Direct sales Sales via intermediaries Company portals Call centers Products of one insurer Products of multiple insurers Employees Single-tied agents Multiple agents Brokers Insurance advisor General agencies Structured distribution Credit institutions Part-time, e.g.: Department stores Ancillary distribution Travel agencies Fin. services advisor Structured distribution Credit institutions Part-time, e.g.: Department stores Ancillary distribution Travel agencies Structured distribution Broker pools comparison websites * Advice: legal obligations for insurance undertakings and intermediaries according to 6,7c, 61 VVG [the German Insurance Contract Act

7 7 Insurance intermediaries and advisers A total of are registered, including: Tied insurance agents Insurance brokers Insurance agents with authorization Accessory product intermediaries 317 Insurance advisers Source: DIHK Status: April 2018

8 Introduction Status of the German IDD-transposition 9

9 Status of the German IDD-transposition 10 IDD implementation law (in force since 23. February 2018) amending: Act on the Supervision of Insurance Undertakings (VAG) Insurance Contract Act (VVG) Industrial Code (GewO) Regulation on Information Obligations for Insurance Contracts (VVG-InfoV) Tasks to be done Insurance Mediation Act (VersVermV) e.g. implementation of the 15 hourscontinuing training obligations for intermediaries BaFin Circular 10/2014 (VA) Guidelines on cooperation with insurance intermediaries, distribution-related activities and risk management in insurance product distribution

10 Introduction European IDD-transposition 11

11 12 Status IDD implementation Official status update on the European Commission Webpage Information collected by the GDV Source:

12 The issue of cross-border business 13

13 Specific questions IPID for customer vs. consumer 14

14 15 Insurance Product Information Document (IPID) IPID to professional customers? customer vs. consumer

15 Specific questions Continuous Professional Development of Insurance Intermediaries 16

16 Continuous Professional Development (CPD) of Insurance Intermediaries in Germany Initiative gut beraten further training of insurance intermediaries in Germany

17 How Insurance Intermediaries in Germany demonstrate their CPD engagement CPD in customer interest is credite Credited are all trainings that increase consulting capacities (previous in credit Points since IDD transposition in hours of training) CPD is documented individual accounts in a central database CPD is made transparent 5-year-certifcate (200 CP over the past 5 years and 15 h in 2018) 1-year-certificate 15 h / year 1-year-certificate 30 h / year

18 Continuous Professional Development (CPD) How the system works Intermediary learns Central Database Intermediary can view account Training institute / Insurance company Accredited partner transfers CP Intermediaries Intermediary can demonstrate CPD engagement Responsible customer bodies for registration

19 Participation of intermediaries Accounts opened since April 2014 Every second intermediary in Germany takes part in the voluntary initiative

20 Continuous Professional Development (CPD) The database now covers 11,9 million hours of education Number of training points registered since the start of the initiative Documented education time in hours (obligatory with IDD since Feb. 2018)

21 Wilhelmstraße 43 / 43 G, D Berlin Postfach , D Berlin Tel.: Fax: , rue Montoyer B-1000 Brüssel Tel.: Fax: