Insurance Product Information Document "Tailor made"

As a provider of insurance products, you are required to issue an IPID with every offer. On 23 February 2018, the IDD came into force within the EU. The obligation to provide an IPID thus became legal in the Netherlands as well.

Article 25 of the 2nd IDD Directive contains a best-efforts obligation that must be met by both insurers and intermediaries.
The title of this article already speaks volumes:
'Supervision of products and governance requirements'
Literally, this article begins with the following text :
Insurance companies, as well as intermediaries developing insurance products for sale to customers, shall maintain, apply and review a procedure for the approval of any insurance product, or significant modifications to existing insurance products, before it is marketed or distributed to customers.
The product approval process is proportionate and appropriate to the nature of the insurance product.
During the product approval process, an intended target market for each product is specified, it is ensured that all relevant risks for such intended target market have been evaluated and that the planned distribution strategy is consistent with the intended target market, and reasonable steps are taken to ensure that the insurance product is distributed in the intended target market.
The insurance company understands and also regularly reviews the insurance products it offers or markets, taking into account all events that may have materialmay have a material impact on the potential risk to the intended target group, at least to assess whether the insurance product continues to meet
the needs of the intended target group and whether the planned distribution strategy remains appropriate.

In plain Dutch, this makes it clear that those who develop and market or modify insurance products must first satisfy themselves as to their quality, keeping a keen eye on the interests of the intended target group.
A more detailed explanation of these obligations can be found on this page: LINK

An example of a customised IPID can be found at this page.

Insurance Card
As the Dutch insurance industry was not ready for automated processing of IPIDs in 2018, the Dutch Association of Insurers has come up with an alternative to the IPID : the Insurance Card.
But eventually, all providers of insurance products really will have to offer an adequate personalised IPID before an insurance product can be taken out.

And RealXS Software provides that.