Ways insurers can operate to a social purpose amid inflation crisis

Published in: Risk management, Conduct risk, Corporate strategy, UK, Rest of Europe, People

As countries grapple with inflation, and an energy crisis, it is more important than ever that insurers understand what it means for policyholders and consumers to be vulnerable.

That is the opinion of one insurance risk expert ahead of the Insurance Risk & Capital EMEA 2022 conference taking place in London on 1 December.

The panellist told InsuranceERM: “We are at the beginning of a huge development in insurers' understanding what vulnerability really is."

The expert added that considering the upcoming difficulties people will face, the real challenge will be simply identifying the vulnerability of policyholders and employees. This can range from customers being susceptible to financial, health and emotional shocks.

"Organisations in which the human touch has been driven out and replaced with robotics will have a lot of work to do. For example, upscaling technology and people training may be needed to better identify vulnerabilities."

Another panellist highlighted that insurers may need to step up and help their staff. This can involve offering benefits to more vulnerable staff, such as free lunches or extra pay.

The panel stressed this is a time to make sure insurers are empathetic toward customers. This involves ensuring products are tailored to what people need, as well as the importance of good communication.

To register for the Insurance Risk & Capital EMEA in-person event and view the agenda, please click here.

Joshua Geer