24/11/2017
Identifying and supporting vulnerable long-time savers (UK)
An insurer which has implemented training from the Alzheimer’s Society is one of several examples of good practice cited in new guidance produced by the Association of British Insurers (ABI) to help providers of long term savings identify and support vulnerable, retired customers at the point of purchase of a product and through its lifetime.
The introduction of greater pension flexibility in 2015 created new challenges in an already complex area for a broad group of vulnerable people that can include the elderly and people who have
- mental health issues
- physical conditions or disabilities
- limited literacy and numeracy skills
- experienced a significant life event – eg job loss, divorce or family bereavement
Developed by an ABI working party of leading life and pension providers, ‘Addressing customer vulnerability: A guide to identifying and supporting vulnerable customers in the long term savings market’ recommends that all providers should
- implement a vulnerability policy by January 2018, if they do not already have one
- provide regular staff training on vulnerability awareness
- continue to share good practice through the ABI
Other examples of good practice include
- an agency that uses a traffic light warning system, with red indicating the most vulnerable customers
- a retirement provider with a ‘phone a friend’ option that allows a customer to nominate a family member or relative to speak on their behalf
- a long term savings provider that works with Age UK and the Samaritans to provide staff training
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