IVASS – BCR Legal Worldwide

IVASS and Mystery Shopping

Online Sale of Non-Life Insurance Products

IVASS has announced, via a press release, its participation in the second joint mystery shopping campaign in the European insurance sector, organised by EIOPA (European Insurance and Occupational Pensions Authority).

The first campaign (the first ever to be coordinated at EU level), launched in 2024, focused on the sale of insurance investment products; this one will focus on the online sale of non-life insurance products.

Mystery shopping is an activity aimed at purchasing (or carrying out acts leading up to a purchase) insurance products and services, carried out –incognito– by specially trained individuals who behave as potential consumers, through in-person visits to distributors or online interactions via digital channels (so-called ‘mystery surfing’), in order to capture and assess the real consumer experience.

Mystery shopping therefore represents a tool to support supervisory activities, designed to facilitate the verification of the correct application (by insurance intermediaries) of regulatory standards and to enable the collection of useful information on the real sales process for insurance products, to also identify risks and opportunities.

The results of the second campaign, which will involve Italy (along with other Member States), will be published in the first half of 2027.

New IVASS regulation issued

In order to implement national and European legislation on consumer protection, on 30 August 2022, IVASS issued Regulation No. 53, laying down provisions for the use of external mystery shoppers.

Mystery shopping is defined as the activities directed towards the purchase (or the performance of acts preparatory to the purchase) of insurance products and insurance services addressed to consumers, also through online/telematic channels (so-called mystery surfing), conducted incognito by IVASS or entrusted by the Supervisory Authority to an external agent, towards insurance companies and intermediaries.

The Rules regulate the requirements (professionalism, experience and independence), tasks and remuneration (according to market criteria to ensure quality and reliability) of the external appointee.

The Regulation enters into force on the day following its publication in the Official Journal.

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