Improving outcomes for vulnerable customers
14 Sep 2020
Whitepaper on vulnerable customers in the insurance industry.
In 2019 the FCA issued a guidance consultation encouraging firms to consider the needs of vulnerable customers throughout their customer journey. In July of this year, they updated their guidance consultation following a feedback period, and intend to issue their final guidance later this year. In light of the COVID-19 pandemic, the focus on vulnerable customers is sure to continue as we expect there to be an increase in the number of individuals who exhibit signs of vulnerability.
Our whitepaper reflects on the recent guidance regarding vulnerable customers with particular emphasis on the impacts that we expect in the life insurance industry. In particular we consider:
- Who vulnerable customers are and how their vulnerability impacts them accessing insurance;
- The draft guidance issued by the FCA;
- How COVID-19 has affected vulnerable customers;
- Other industries’ approach to vulnerable customers; and
- Where insurers should be focusing their attention.
Download our whitepaper below to read our commentary in more depth.