IBCCC issues Guidance Note for brokers in supporting vulnerable clients
The Guidance Note covers five methods that might help brokers to better identify and support vulnerable clients.
The IBCCC has issued a Guidance Note to assist brokers in meeting their obligations and commitments under the 2022 Insurance Brokers Code of Practice (the Code) around identifying and supporting vulnerable clients.
The Guidance Note covers five methods that might help brokers to better identify and support vulnerable clients. These are:
Executive oversight
Skills and capabilities
Policies and procedures
Inclusive service design
Ongoing review and improvement
Executive oversight
The Guidance recommends that brokers should develop an environmental, social and governance (ESG) strategy and include action plans that specifically address vulnerability and accessibility. There should be enough resources allocated to deliver vulnerability services and support.
Skills and capabilities
As Code subscribers, brokers have a commitment to providing such training that can help their staff to understand, recognise and engage with vulnerable clients. While the Guidance notes that there is no one-size-fits-all approach, suggested staff education programs include Aboriginal and Torres Strait Islander cultural competency programs, trauma informed practice training, LGBTQIA+ inclusion training and working with elderly people.
Policies and procedures
NIBA’s guide on Identifying and Supporting Vulnerable Clients is a great support tool for those looking to develop their own vulnerability policy. While the Code doesn’t require subscribers to publish their policies, the IBCCC encourages brokers to make such policies available on their own websites.
Inclusive service design
Based on the different communication preferences of clients, it is recommended that brokers provide different contact channels. Offering services such as the Translating and Interpreting Service (TIS) and the National Relay Service can help ensure easy access for clients.
Ongoing review and improvement
Collecting regular feedback from clients can be an effective way to drive continuous improvement. The IBCCC encourages brokers to engage with consumer advisory groups so that current issues may be shared and addressed.
Read the full IBCCC Guidance Note here.