The Insurance Poverty Premium: what is it and what must insurers and brokers do right now?
The Insurance Poverty Premium: what is it and what must insurers and brokers do right now?
Overview
The poverty premium results in the financial exclusion of people on low incomes and/or in vulnerable circumstances. With the issues of financial inclusion and fair value very high (and rightly so) on the FCA´s agenda, as well as the issue of the poverty premium in insurance receiving a great deal of parliamentary scrutiny, it is important that insurers and brokers understand what exactly the poverty premium is and what they must do right now!
Learning Objectives
- understand the importance of financial inclusion and fair value and how this relates to the poverty premium.
- recognise how the poverty premium in insurance impacts customers.
- implement a strategy that recognises the impact of the poverty premium and to take steps to ensure fair value and financial inclusion
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