Insurance professionals have revealed the challenges they face when supporting customers in vulnerable circumstances.
An online poll of 165 CII members showed the biggest barrier professionals face when trying to assist consumers in vulnerable circumstances was being able to openly discuss the nature of the individual’s vulnerability with them.
Almost one in five insurance professionals revealed they struggle to identify vulnerability.
Three out of 10 insurance professionals surveyed in February said they struggle to understand the needs of consumers in vulnerable circumstances.
Being able to assess cognition was identified as the biggest barrier to assisting clients in vulnerable circumstances by 15% of insurance professionals.
The CII surveyed members on how they assist clients with vulnerability as this remains a key focus for the Financial Conduct Authority (FCA), which has been brought into sharp relief by the coronavirus pandemic.
The FCA will finalise guidance on how firms should treat vulnerable customers shortly.
Keith Richards, chief membership officer of the CII and chair of the Financial Vulnerability Taskforce, said: “It is vital that as insurance professionals we all develop a heightened awareness of the indicators of vulnerability and have the knowledge, skills and processes in place to enable appropriate and professional safeguarding and support.
“Most of us will be vulnerable at some stage in our lives. It is vitally important that we increase our conscious awareness and understand the complexities and uniqueness of customers in vulnerable circumstances and how it impacts on them, if we are to support them in the most appropriate way.”
