You probably know what a pension plan is, but do you know the meaning of the term “participant” or the concept of “consolidated rights”? Well, the first one simply refers to the owner of the pension plan and the second talks about the financial contributions you make to your pension plan plus the profitability obtained. It is not difficult to understand if it is explained in simple language, something that is not always achieved.
Unespa , the association that groups the vast majority of insurers in Spain, is aware that it is not easy to understand this world. Hence, one of his latest initiatives to bring insurance to citizens is to explain in a clearer language all the information related to them.
One of the first actions of this campaign called Insurance of Understanding consists of a guide that, in summary, clarifies basic things to understand the context of insurance. For example, why they exist, how they protect us, how this industry is organized or what differentiates it from other countries. This document, entitled “Insurance in 10 minutes” you can download in PDF for free. For those who want to know how the insurance industry works, in this video they explain it in less than three minutes.
But if you thought that this lack of understanding for a farragous language only happens in Spain, you are very wrong. In other countries the same thing happens, insurers also need to provide consumers with much easier to understand information. In the United Kingdom, for example, the Unum company asked two thousand clients to end up confirming that the terminology of this sector is much more complicated than that of others; for example, the bank.
Part of this lack of understanding is also due to the large number of different products that exist in the market, according to the insurer, and how cumbersome its language is sometimes.