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The Actuary The magazine of the Institute & Faculty of Actuaries

Insurers agree deal to protect disabled customers

A pact between UK insurers, brokers, charities and other stakeholders has been agreed to help people with disabilities and medical conditions gain access to protection insurance.

New signposting deal for disabled customers ©iStock
New signposting deal for disabled customers ©iStock

Unveiling the deal at the Houses of Parliament today, the British Insurance Brokers Association (BIBA) said that thousands of people could benefit from the arrangement.

Life, income protection and critical illness insurance providers agreed to point customers with disabilities towards firms that can help them if they can’t do so themselves.

Royal London and Swiss Re are among 26 signatories to the voluntary signposting arrangement, which also aims to boost trust in the insurance sector.

BIBA executive director, Graeme Trudgill, said he was “tremendously grateful” to all the stakeholders that helped make the deal a reality.

“This is the culmination of a year of discussion and collaboration across different stakeholders, all with a strong desire to help those most in need,” he continued.

“This signposting system will make a difference to thousands of people that may previously have thought protection insurance was out of their reach."

The deal was agreed after the BIBA, along with other industry bodies, firms and charities met in October 2018 to discuss how to improve access to protection insurance.

A cross-sector working party was convened to develop a signposting system for consumers, supporting consumer groups and charities to enable easier access to guidance and advice.

The group also sought buy-in from the wider insurance sector, to encourage greater signposting support and promotion.

This comes after the BIBA helped develop a similar signposting arrangement in 2012 to improve the availability of motor insurance for older drivers.

"Now the work has started to educate those in the sector and its customers on the existence of the agreement and to get as many firms as possible on board," said Johnny Timpson, the government's insurance disability champion.

"This is absolutely the right thing to do, and will not only make a positive impact on many lives, but will raise levels of trust in the insurance sector."

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