The Chartered Insurance Institute (CII) has launched a cross-sector vulnerability data sharing taskforce to help reduce the number of repeat disclosures required of vulnerable customers across the distribution chain.
It brings together representatives from insurance, personal finance, technology, academia, and professional bodies to develop practical solutions.
The launch follows concerns raised that vulnerability-related information was not consistently shared across the financial services distribution chain.
Customers are often asked to repeat sensitive information as they move between insurers, brokers, advisers and service providers, creating frustration and potentially reducing support.
In June, the CII launched its guide to data privacy for customers in vulnerable circumstances, with key examples for the life and health insurance markets.
At the launch, Morgan Ash chairman Johnny Timpson maintained GDPR was no excuse for obstructing vulnerable protection customers from accessing added value services.
Meetings and membership
The taskforce met for the first time in late May to discuss how improved information sharing could help firms provide more consistent support and reduce the need for customers to repeatedly explain their circumstances.
It was noted that UK general data protection regulation (GDPR) should act as the vehicle for responsible data sharing where there is a lawful basis, transparency, purpose limitation, and appropriate governance, and the greater challenge is the absence of common standards, shared terminology and practical mechanisms across the distribution chain.
Experian, MorganAsh and FWD Research shared their existing approaches to vulnerability data sharing.
Three working groups have now been established, focusing on creating a vulnerability data dictionary, market adoption and engagement, and data standards and governance, with their work focused on practical use cases and measurable customer outcomes.
The next phase of the programme will focus on developing the vulnerability data dictionary, progressing the supporting data standards and governance framework, and validating the approach through a practical insurance use case.
Together, these outputs will help build the evidence base needed to support wider market adoption and improve outcomes for customers in vulnerable circumstances.
Matthew Hill, chief executive of the CII group, said: “Customers should not have to disclose sensitive information repeatedly.
“By bringing together expertise from across insurance, personal finance and beyond, this Taskforce will help develop practical, sector-wide solutions that strengthen consumer trust and improve outcomes for people in vulnerable circumstances.”
Taskforce members include:
- Rebecca Aston, Chartered Insurance Institute (CII)
- Julie Arthy, CII
- John Bissell, Chartered Institute of Loss Adjusters (CILA)
- Rob Bell, RB Compliance
- Hannah Bradley, CII
- Carla Brown, Personal Finance Society (PFS)
- Niamh Collinge, AJ Bell
- Alan Clay, LexisNexis Risk
- Hannah Coffey, St. James’s Place
- Christopher Finch, University of Bristol
- Eddie Grant, CII
- Richard Groom, CII
- Andrew Gething, MorganAsh
- Nick Green, Criterion
- Martin Grimwood, FWD Research
- Adam Harper, CII
- Toni Hatton, The Exeter
- Dan Holloway, Rogue Interrobang
- Emily Kenna, SenseRisk
- Jan Levy, Three Hands
- Hannah Murphy, Royal London
- Amanda Nicoll, Advent RTA
- Vanessa Riboloni, CII
- Julia Richardson, Davies Group
- Kelly Spier, Just Group
- Sophie Spencer, T L Dallas & Co
- Craig Tracey, Brabazon Solutions
- Ralph Tucker, Empath AI
- Charlie Williams, CXCo
- Ron Wheatcroft, Swiss Re
