b'SEQUEL RICHARD MEINDERSSOLIDARITY IN RISK-SHARING The implementation of the commission ban Meinders: \'Solidarity is a crucial core value andhas resulted in fewer financial products being the fundamental basis for the insurance market.purchased. The insurance market thus has a It should be possible for all Dutch citizens,collective and societal responsibility to truly regardless of age, health, or circumstances, tosafeguard the accessibility of advice for low-obtain insurance at reasonable premiums. Thisincome households to prevent underinsurance or is a great asset for Dutch society. However, withuninsurability."the advent of personalized data analysis and increasingly advanced and intelligent techniques,SOCIAL PURPOSEthe principle of solidarity has become a topic of\'One of the United Nations\' Sustainable discussion. The ability to precisely map personalDevelopment Goals is to reduce inequality. The behavior leads to premium differentiation, whichfinancial sector can play a significant role in can create a sense of injustice regarding premiumachieving this, and there are various possibilities payments. Concerning reports have emerged thatto consider. For example, spreading the payment individuals with lower risk profiles are reluctantfor your services over a maximum of 24 months, to show solidarity with those at higher risk.without charging interest or fees, is permissible These developments are worrisome. We mustunder the Financial Supervision Act (Wft). Another be cautious not to replicate the situation in theoption is to incorporate a solidarity surcharge into United States, where vulnerable groups cannotyour advisory fees, allowing you to finance advice afford insurance due to exorbitant premiums.for customers who genuinely cannot afford it. As If insurers fail to address this, I anticipate thean insurance industry, we must collectively pursue emergence of initiatives in the form of smalla social objective, explore new avenues, and make cooperatives. Given today\'s digital capabilities, itan impact because it can be done differently\', is easy to bring communities together and sharesays Meinders.risks collectively.\'ACCESSIBILITY OF FINANCIAL ADVICE Meinders continues: \'Since the introduction ofAdvice gapthe ban on commissions in 2013, the accessibility of advice has also come under pressure in recentand selfless years. With consumers now responsible for directly paying for financial advice, large groups ofadviceconsumers no longer seek advice. An evaluation of the commission ban reveals that 52 percent of all advisors indicate an increase in demand for execution-only services (mediation without advice). However, what is more important to note is that the largest group seeking execution-only services consists of low-income households. Ironically, the most vulnerable group, which generally possesses limited knowledge and experience in financial services and products, chooses not to seek advice simply because they cannot afford it, despite their pressing need for it. BHB DULLEMOND'