Supporting vulnerable customers and building employee resilience in the insurance sector

23rd May 2023

In the aftermath of the Covid-19 pandemic, the cost-of-living crisis and record levels of inflation, it has become increasingly important for the insurance industry to step up and provide appropriate support to vulnerable customers.

The FCA’s Financial Lives 2022 survey found that 47% of UK adults now exhibit at least one characteristic of financial vulnerability, with 24% having low resilience. This means that any financial or emotional shock, such as job loss or illness, could propel them into a state of hardship.

In light of this, it’s more important than ever that the insurance sector does its part to ensure vulnerable customers are not left behind.

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