The selling process of life insurance policies should be more transparent, so that clients are fully aware of the costs entailed by such an investment, according to Cornelia Coman, interim CEO of ING Asigurari de Viata, leader of the life insurance market. She believes transparency is one of the major aspects that needs improvement on the local market, and says that this was also a problem for Western countries, where legislation in the field was modified in the wake of major court cases brought by dissatisfied clients. "I think insurers will be hurt at some point unless they become more transparent, which is very important, because life insurance is a long-term product. Insurers will probably have to make a change to their selling process. One can elaborate more when explaining insurance costs to clients. We have to learn from the mistakes of Western countries, where legislation was changed after clients went to court," says Coman, who, as of October 1, will take over as CEO of ING Asigurari. On the one hand, there are agents on the market who, in order to sell as much as possible and collect their commissions, do not explain all the implications of a life insurance policy to the clients. On the other hand, there are many clients who do not read the insurance contracts carefully. ZF
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