Posted on 26 January 2024 by

Lorraine Minett

In the ever-evolving landscape of the insurance industry, meeting the needs of vulnerable customers has become a top priority. For years, insurers have relied on systems like RDT’s policy administration system to record vulnerabilities, ensuring that the necessary support reaches those who need it most. With the recent introduction of the consumer duty, RDT has expanded its capabilities to provide even more comprehensive assistance.

Additional Customer Support

One of the key features that sets the system apart is its ability to record specific additional support required by a customer and track the support provided. This not only enhances transparency but also ensures that vulnerable customers receive the personalised care they deserve. Moreover, it now allows for a clear distinction between permanent and situational vulnerabilities, enabling insurers to tailor their support accordingly.

Proactivity is at the core of RDT’s approach. The system provides early indications of potential vulnerabilities, allowing insurers to intervene promptly and offer assistance before issues escalate. This proactive stance aligns seamlessly with the 2021 Financial Conduct Authority (FCA) guidance, which emphasises the importance of understanding and responding to customer needs throughout the insurance process.

FCA Compliance

The FCA guidance outlines several key actions insurers should take to achieve positive outcomes for vulnerable customers, which you can download here. This includes understanding the needs of the target market, ensuring staff have the right skills, responding to customer needs in product design and communication, and continually monitoring and assessing their performance.

RDT excels in supporting insurers to fulfil these recommendations. The platform’s data capture and system prompts empower users to gain a deep understanding of their customer base and tailor their services accordingly. User permissions within the policy administration software ensure that only appropriately trained staff handle interactions with vulnerable customers, thus guaranteeing the right skills and capabilities are in place.

Furthermore, the system prompts serve as gentle nudges, reminding users to respond to customer needs with flexibility in service provision and communication. This not only enhances customer satisfaction but also contributes to a comprehensive record of the insurer’s commitment to meeting the needs of vulnerable policyholders.

Empowering Insurers

In essence, the software goes beyond being a data management tool; it is a comprehensive solution that aligns seamlessly with the FCA’s guidance on fair treatment for vulnerable customers. By facilitating understanding, promoting the right skills, and encouraging proactive responses, it empowers insurers to continually monitor, assess, and improve their approach to customer support for vulnerable individuals.

As the insurance industry continues to navigate changing regulations and heightened customer expectations, RDT stands out as a valuable ally, ensuring that insurers not only meet but exceed the standards set forth in the pursuit of fair and equitable treatment for all policyholders.

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