12 Jan 2016
Join our policy for helping vulnerable customer
We are in the business of helping our customers to plan for future vulnerabilities when they are least vulnerable. In between those two points life changes for our customers and in what we are doing as a business.
We did some research which suggested that 25% of contacts with our customers on a day to day basis contained some form of vulnerability in the conversation. As a company we are ultimately judged by our customers on our ability to deal with the obvious and hidden or emerging vulnerabilities affecting their lives. We also see opportunity in spotting these vulnerabilities ahead of time that will burden society in the future and create products and investments which will ease them.
We now have an agreed policy for the Group which provides us all with permission to do things differently when customer vulnerabilities need us to.
Tools To Help You
We have developed some simple hints and tips to help you understand and better serve customers with specific vulnerabilities. You can check these out on L&G TV.
A CBT is being developed to explain vulnerability and help you build your skills in dealing with vulnerable customers in you in your day to day work.
Making Future Vulnerabilities Understandable
We have set out for all Managing Directors in Legal & General the key points they need to understand for their business around vulnerabilities. Here are some of the statements we used to get them thinking:
“We are in the day to day business of dealing with customer vulnerabilities here's how.....
Here's some data on how well we deal with these customers....
The one or two emerging vulnerabilities we worry about for this business are.....
We expect X more of our customers to be affected by these vulnerabilities by Y.
We've spoken to employees who have said that they are trained and comfortable in dealing with these vulnerabilities.
We even reward them for doing the right thing with these groups. Here's how we’ve even put our processes under scrutiny from not for profit experts in the vulnerabilities to find tune them here's who and how....
As a result of what we learned here are processes and products we've changed...
Our marketing data shows that we have been more inclusive with these vulnerable groups....
We've even put our balance sheet to good use by investing for the long term in alleviating some of these vulnerabilities.....”
Here are some examples of management teams who are working on understanding the emerging vulnerabilities they feel their businesses will face in the future:
Why not talk to your management team about vulnerabilities that you think you need to get better a understanding of to better serve our customers?