How you behave towards your vulnerable customers during the pandemic will be remembered.
We explore how you can provide support efficiently and effectively, whilst safeguarding customer goodwill.
With many people experiencing reduced incomes and even losing their livelihoods as a result of Covid-19, the impact of the pandemic has been as severe on people’s financial wellbeing as it has on our physical and mental health.
A new wave of vulnerable consumers is rising, with many turning to their financial service providers, utility companies and landlords for help with payments. Added to this is the pressure from the Financial Conduct Authority (FCA) to ensure vulnerable customers are treated fairly.
So how can insurers address these challenges whilst responding to changes in customer behaviour in terms of preferred communications channels, emerging payment methods and a surge in enquiries?
We explore five ways you can support customers’ financial wellbeing and experience, from identifying those who are vulnerable, to using your data intelligently and ensuring you remain compliant throughout.