Voyager Insurance creates a consumer friendly guide to understanding the new IDD regulation on IPID’s

September 28, 2018

[Guildford, United Kingdom, September 2018] – With the implementation of Insurance Product Information Documents (IPID’s) becoming a mandatory fixture for all insurers and intermediaries across the EU from the 1st October 2018, it has been noticed that there is a severe lack of information available regarding these for the people it will impact the most; the consumer. Voyager Insurance Services have put together an informative document which highlights what an IPID is, the importance of an IPID and how this document will make things easier and clearer when choosing the right insurance provider for your needs.
On the 1st July 2018, The Insurance Distribution (Regulated activities & miscellaneous Amendments) order came in to force implementing the requirements in the EU’s Insurance Distribution Directive (IDD).

The IDD ensures all EU (including UK) insurance companies develop a fairer and more knowledgeable environment for customers with regards to the sale of general insurance products (not including life insurance products).

From 1st October 2018 the requirements imposed will apply, including making sure that all consumers will have access to a simple, standardised ‘Insurance Product Information Document’ (IPID) which provides clear information on a particular general insurance product enabling consumers to make a well-informed decision before making a purchase.

Carl Carter, Managing Director of Voyager Insurance commented “the IPID is great news for consumers as it delivers easy-to-read information for those that have found comparing insurance products confusing and or have struggled to understand insurance industry jargon in the past, giving consumers a better opportunity of buying an insurance product that meets their needs”. He added “we have already had some great feedback on our consumer guide to IPIDs as we think it’s really important consumers understand what they are buying and can compare different products and their features in a consistent manner.”

What does an IPID look like?
An example of an IPID is shown below (with Xxx showing where the product information would be). As it is a standardised document, the information presented appears in the same section making it easier to compare different insurance products side-by-side.

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What will this IPID document tell me?
Voyager Insurance have highlighted the distinct areas in the IPID template above to help navigate the IPID and the information included in the document.

1. The first section of the IPID shows the company who designed the product, known as the ‘manufacturer’, the country in which the manufacturer is registered as well as its regulatory status and authorisation number immediately after the title – Insurance Product Information Document.

2. Immediately beneath the above section is a prominent statement outlining that the full and complete pre-contractual and contractual information about the General Insurance product is provided to the customer in other documents, such as the policy wording.

Please note: It is important to understand an IPID will not replace any contractual documentation that is provided with an insurance policy. Consumer still need to read through all documentation to ensure all information is correct and the policy meets their needs.

3. What is this type of insurance? –This section provides a brief outline on the type of insurance that the particular IPID relates to at the top of the document.

4. What is insured? – Information on the main risks insured on the specific policy. Each piece of information listed in this section will be preceded by a green tick symbol. This section is really important for consumers to check and make-sure it covers all the elements they want protection for.

5.What is not insured? – Information here relates to some of the key risks excluded from this insurance product. Each piece of information listed in this section will be preceded with a red X symbol. Again, it is important to check that anything a consumer wants cover for is not in this section as it will be excluded.

6. Are there any restrictions on cover? – The information here details the main exclusions on this insurance product. Each piece of information listed in this section will be preceded with an orange exclamation mark symbol. Consumers should check that none of the restrictions affect them as these will not be covered.

7. Where am I covered? – This section explains the geographical scope of the insurance product. Each piece of information listed in this section will be preceded with a blue tick symbol. This is particularly important for products such as travel insurance.

8. What are my obligations? – This section identifies the obligations consumers have in terms of providing information to insurers and any ongoing obligations they must meet during the policy term.

9. When and how do I pay? – This section sets out how a consumer pays, the frequency of any payments and any other information / terms relating to premium payment.

10. When does the cover start and end? –Provides information relating to the term of the contact.

11. How do I cancel the contract? – If a consumer wishes to cancel the policy, this section sets out the information on the means of terminating the contract.

Voyager insurance believes the IPID has the potential to be a strong tool empowering consumers, helping them to gain more understanding of what is covered in their insurance policy. Carl Carter, Managing Director of Voyager Insurance states “If consumers understand which products offer the best solution for their individual needs, they can start buying smart and not be put-off by the ‘so called’ small print in insurance policies. The IPID should also help reduce the number of consumers who get caught out by policy terms that are not suitable for their individual circumstances, before they buy a policy rather than waiting until they have a claim which inevitably is declined.”

IPIDs will be available for all Voyager Insurance products by 1st October 2018.

If you would like further information on our insurance products or wish to find out what’s covered, visit the website:
Alternatively, call Voyager Insurance on 01483 562 662 or send an email to