Vulnerable Clients and the Insurance Industry

NIBA CEO, Dallas Booth has expressed his views on vulnerable clients and their insurance needs.

He said, “An area which the Insurance Council of Australia is giving close attention to as part of the new General Insurance Code of Practice is the need for the industry to be aware of vulnerable clients, and to be ready to give special consideration to their needs and circumstances.”

From a NIBA perspective, Booth indicated that the peak body has also identified the need to be mindful of the special needs of vulnerable clients, and the fact that relatively ‘normal’ insurance arrangements could well become extremely challenging for those involved if their circumstances change dramatically and quickly.

He said, “Last week, my attention was drawn to two examples where people in extremely vulnerable circumstances needed to have access to insurance coverage, but had no idea where to go. It was very surprising to me that we had two cases to deal with in two days.”

“I am very pleased to report that despite initially very sketchy information, we were able to identify potentially key parties, and to arrange for careful consideration to be given to the cases, having regard to the needs of the vulnerable people involved in those matters.  The matters are not yet resolved, but the people involved now have the real prospect of getting assistance from the insurance process.”

Booth states that it was very sad and disappointing that the vulnerable people were in the position they found themselves, “But it was also pleasing that we were able to establish some key facts, and help them to proceed in the right direction. These matters will not make the headlines, but the new awareness of the need to be alert to the circumstances of people in vulnerable circumstances will no doubt lead to good outcomes in these matters.  If what I did helped to contribute to that outcome, I am very happy to have been able to do so.”