Why the sector needs to help vulnerable customers

The New Generation Group's report at the heart of Insurance Age's new campaign was produced in answer to the question - what can you do to help drive change in the insurance profession for the ultimate good of customers and to address the issue of public trust?

Their work on vulnerability and, more importantly Insurance Age's campaign, can help do just that.

Throughout the report there are excellent examples of existing practices by the insurance market in identifying and helping vulnerable customers - and there is much good work underway including the Insurance United Against Dementia initiative, but there are also some examples of where normal procedures have not been adjusted - sometimes causing distress and resulting in unnecessary delays.

Exposure
The insurance market is being driven towards investment in automation along with a constant drive for efficiencies.

But sometimes what seems good for the majority can leave others exposed.

And that is the challenge; and the opportunity.

Solutions do not have to be expensive - and this campaign is quite rightly about spotting often tiny adjustments that can make a huge difference; and on identifying and shining a light on existing good practice, both within insurance and in other sectors.

The campaign is also about sparking new thought-processes and ideas; what solutions can the ever innovative and customer focused broking sector come up with that will help customers in difficult times and circumstances - in both personal and commercial lines?

What can the brightest brains in the InsurTech space come up with to help find cost efficient and flexible services and solutions for vulnerable groups?

Collaboration
And where can brokers, insurers and service providers work collaboratively to find solutions or even new products to address issues impacting customers - such as a one touch service for those suffering from bereavement, something that has already been done by the banking sector?

I am confident the insurance profession can embrace change, can embrace the challenge and can make a difference to customers' lives.

I hope this campaign will help broaden understanding and stimulate interest in the debate around vulnerability; provide practical examples of good practice; and promote pro-activity and collaboration for the ultimate benefit of vulnerable customers.

What's not to applaud?

The CII is delighted to fully endorse this campaign by Insurance Age.

Come on broking and insurance professionals - creative thinking is your forte.

Join the conversation using the hashtag #InsCares

Ant Gould, is director of faculties at the Chartered Insurance Institute