American Property Casualty Insurance Association
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Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

April 30, 2014

PCI Submits Testimony on Using Technology to Promote Consumer Financial Literacy

 

WASHINGTON – Marguerite Tortorello, the Property Casualty Insurers Association of America’s (PCI) senior vice president, public affairs issued the following statement today on the House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing “Examining How Technology Can Promote Consumer Financial Literacy”. PCI’s testimony is attached.

“PCI applauds Chairman Capito, Ranking Member Meeks, and members of the Subcommittee on Financial Institutions and Consumer Credit for holding this important hearing,” said Tortorello. “PCI recognizes that there is a need for more consumer education and we continue to reach out to residents and policyholders to help them better understand their insurance policies and take steps to be physically as well as financially prepared for natural disasters.”

“While we are well versed in responding to natural disasters, all of us must always be on the lookout for ways to improve our communications and educational outreach to consumers. PCI and our members believe that technology – specifically the use of social media can enhance real-time information sharing by increasing public-private communications. The federal government, the states and those in the financial sector can work together to significantly improve consumer financial literacy. For example, PCI has engaged in educational efforts and with several organizations including The Griffith Foundation and the National Oceanic and Atmospheric Administration (NOAA) Weather-Ready Nation, and we encourage other businesses to do so,” continued Tortorello.

PCI’s website includes digital interactive tools, videos and resource guides to assist residents with creating a home inventory, a checklist for before, during, and after a disaster, access to mobile apps that cover everything from helping consumers address their insurance needs to weather updates, disaster preparations and locating shelters and services to help you contact loved ones.

“We look forward to working with Chairman Capito, Ranking Member Meeks and members of the Subcommittee on Financial Institutions and Consumer Credit to prepare our nation for disasters and help consumers become more financially strong,” concluded Tortorello.

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.  Follow us on Twitter @PCIAA and on Facebook.

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