How to support vulnerable insurance customers
Steps insurers should take to understand the needs of customers in vulnerable circumstances and ensure their products and services are suitable are outlined in the latest Insurance Post Podcast.
Julia Richardson, senior consultant for customer experience at Davies, Martyn Mathews, managing director of SSP Broker, and Rory Yates, global strategic lead of EIS, explain the role data and dashboards can play in monitoring the outcomes experienced by distinct groups of customers and taking action to address any issue with how vulnerable customers are served by the sector.
To meet the regulator’s requirements, Richardson said organisations need to understand the different elements of vulnerability, map their customer journeys and experiences, and think ‘if scenario A or B happens, what could that mean for customers?’.
She said: “It is not being quite so focused on the here and now as thinking about what is also coming down the road.”
When it comes to assisting customers in vulnerable circumstances, Yates said: “It is not an obligation. It is an opportunity. Through collaboration, through truly centring the business around the customer and creating a data-fluid environment, we can act on stuff.
“My only fear is we continue to put sticking plasters over something as fundamental as this.”
Mathews said as new vulnerabilities come to light, the industry must continue to adapt the approach taken to customers.
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