Professional services and consultancy business Davies has said significant gaps still exist in the insurance industry around its ability to identify and protect vulnerable customers. Davies said the market could do more to address the needs of a wider scope of vulnerable customers and cater for issues ranging from dementia and poor mental health to financial limitations, lack of digital access and low capability.

Speaking at a recent Davies event on vulnerable customers, Phil Michell, consulting director at the firm, said: “Vulnerabilities like dementia change the dynamic completely, and companies need to rethink their customer service strategies.

“Although, this isn’t just about serving and meeting the needs of such customers. The advantages of such organisational changes and the subsequent realignment of focuses will propagate right throughout, benefiting all customers, employees, and stakeholders.”

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