A series of events over the past few years have placed businesses under immense pressure to adopt agile operating models and flexible strategies or face being forced out of business for good. First came a global pandemic, then came a cost of living crisis amidst the highest inflation rate seen in the UK for 41 years (11.1% in October 2022).
Consumers have faced these challenges too. Domestic gas prices increasing by 129% between December 2021 and December 2022 being just one example of unprecedented financial stress they have had to shoulder. “Heating or eating” has become a worrying soundbite that signifies the dire state many people find themselves in, not knowing whether to spend their money on keeping warm or not going hungry. Not only have these events resulted in shifts in consumer behaviour, they have also caused changes in consumer characteristics; namely in the nature of vulnerability.
Find out how you can support your vulnerable customers and build employee resilience in the insurance sector through improving your CX, by filling out the form below.