Published by: Chartered Insurance Institute
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Key Take Aways
Effective vulnerability management requires a proactive, organisation-wide approach that integrates identification, support, and outcome monitoring at every customer interaction.
Embedding vulnerability considerations into product design, underwriting, and service processes is essential, yet current practices remain uneven across firms.
Leadership accountability is critical; senior executives must take direct ownership of outcomes for vulnerable customers instead of delegating to compliance teams.
Data quality, sharing, and utilisation are significant challenges; granular, standardised data with a clear taxonomy underpin effective support and continuous improvement.
Many firms lack the comprehensive management information needed to link vulnerability identification with tangible customer outcomes.
Organisations must shift behaviours to foster a culture where customers feel safe disclos...
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