Liberty Launches “Insurance Explained” training series for Irish consumers

Educational series designed with ‘The Positive Economist’ Susan Hayes Culleton and Irish Times Training aims to demystify insurance for Irish consumers

• Research shows lack of understanding of insurance has meant more than half of consumers are paying for features they could go without
• Four training courses are available on Liberty’s website with new insights added regularly across its website, social and digital channels over the next year
• Liberty comment: “Last year our research showed that despite our best efforts, some consumers in Ireland find the insurance sector mystifying and confusing. In response to this, we want to help educate consumers on the fundamentals of insurance so that they can get the right cover for them, at the right time, and at the right price.”

Liberty Insurance has today launched “Insurance Explained”, an educational resource developed with educational training expert and finance specialist Susan Hayes Culleton, to help demystify insurance for Irish consumers.

According to previously commissioned Liberty research, consumers want to see greater transparency and clarity brought to the insurance market, with less than one in four consumers (22%) understanding the principles of risk and actuary. In addition, almost three in ten (29%) motor insurance customers and more than one in five (22%) home insurance customers are unsure about what is included in their policy despite being clear on it at the time of purchase, and by extension, as many as 51% of insurance customers are paying for insurance benefits that they have never availed of.

Video series launches

To respond to these findings, Liberty has today released a series of educational videos. Susan Hayes Culleton, ‘The Positive Economist’ " hosts conversations with key insurance experts, addressing some key insurance concepts, including how premiums are calculated, how to compare insurance products and what to look out for when making a claim. These videos can be viewed in full here: www.libertyinsurance.ie/insuranceexplained

In the months ahead, Liberty will roll out additional educational content on relevant themes and topics, including refurbishing or upgrading your home, buying or selling a second car, and ensuring your house insurance adequately covers garden furniture and summer barbecue equipment, across its social and digital channels.

What the series covers

The initial video series, which is supported by additional information on Liberty’s website and social media channels, includes topics such as:

• The basics of an insurance policy
• How premiums are calculated
• The different types of motor and home cover
• Potential watchouts and pitfalls to be avoided
• What to look for when buying insurance
• How to compare policies and get the best deal
• What happens when you need to make a claim

These key themes are designed to provide insurance customers with a greater understanding of different insurance products and how to get the most appropriate type of cover for their specific needs.

Liberty is making these resources available to all insurance customers – not just Liberty’s own – in an effort to ensure that all consumers right across the country can benefit from this multimedia resource.

How can customers find out more?

The initial videos as part of Liberty’s ‘Insurance Explained’ series can be viewed on Liberty’s website at: www.libertyinsurance.ie/insuranceexplained. Additional material over the course of the campaign will also be added here across the next year.

‘Insurance Explained’ information will also be available across Liberty’s social media channels [LinkedIn, Twitter, Facebook, Instagram] throughout the campaign.

Stuart Trotter, Branch Manager for Ireland, Liberty Insurance, said:

“At Liberty, we value transparency, not only in our words but in our actions, and so we are pleased to unveil our ‘Insurance Explained’ series. We have found that the insurance sector and the insurance market is mystifying and confusing to some consumers in Ireland, and we want to help people understand in simple terms – what insurance means, what you need to be aware of, how the market works, and how to ensure consumers are as well informed as possible to be able to get the right cover for them, at the right time, and at the right price.

“We were delighted to partner with Susan Hayes Culleton and Irish Times Training in bringing this project to life, and we look forward to living by our value of ‘Making Things Better’ in continuing to deliver simple and informative insurance insights across our social and digital channels in the months ahead.”

According to Susan Hayes Culleton:

“I am delighted to be working with Liberty on this really valuable and informative “Insurance Explained” series. Insurance is a necessity for most of us in our daily lives, but for many people it’s something that's full of complexity and jargon.

“The campaign aims to break these down so that consumers can shop around and be savvy when it comes to making decisions on their insurance cover.”