Vulnerable Insurance Customers

Summary

There has been an increased focus upon the needs of vulnerable customers by the FCA in recent years. Regulatory returns now refer to how many customers with a vulnerability have been identified and what actions have been taken to address those vulnerabilities. There are many resources available to those working in our industry to promote understanding of the legal basis of this approach however, most of this workshop cites examples of the consequences of failing to recognise vulnerabilities and how insurers and brokers may have better handled the situation.

Objectives
• Understand what a vulnerable customer is
• Know how to spot the signs of vulnerability
• Be able to ensure that vulnerable customers achieve the required customer outcomes

Learning and content
• Brief overview of appropriate legislation
• Understanding the FCA’s concern over the treatment of vulnerable customers
• The benefits of recognising vulnerability proactively at underwriting stage
• Scenarios and where failure to recognise vulnerability has adverse consequences

The workshop is suitable for anyone who is involved in general commercial underwriting, broking or claim handling who has regular customer contact