The Chartered Insurance Institute (CII) is calling for input from the industry about how individuals can better build and maintain financial resilience for later life.
As part of the professional body’s Insuring Futures initiative, it would like suggestions that could help identify what people can do during “every decade of their adult lives” to build and maintain their independence.
The CII’s Insuring Futures work will look at the kind of conversations people need to have with their families, friends, insurance professionals and financial advisers to create more financial resilience throughout their entire life.
The work will build on the insights of Insuring Women’s Futures, which was the first stage of the CII’s Insuring Futures initiative.
That piece of work found women make up the majority of unpaid carers and after a lifetime of caring many risk insufficient funds to pay for their own later life care.
A spokesman for the CII said the insights on Insuring Women’s Futures will form the basis of a conversation with members of the insurance and financial advice profession, charities, policymakers and researchers that will lead to guidance and support for professionals around:
- How we design products and communications for older people that resonate with the way they live their lives.
- How professionals can structure conversations with clients that are more relevant to the risks and aims they have.
- How advisers can give advice to their clients’ whole family, rather than just the individual, as they grow older and their plans become more entwined with the needs of their family.
Matt Connell, director of policy and public affairs for the CII, said: “Anyone who has worked in a client-facing role will be familiar with this scenario: they are talking to an elderly client, who is unsure of what they need to ask for, or even how to navigate the client verification process.
“In the background, a helpful voice is prompting them with information and helping them frame their questions. Is this financial abuse? Is the elderly person being exploited? Or are they being given vital help, without which they would not be able to manage their finances?
“The kind of knowledge and skills that are needed to service an ageing population relies not so much on technical knowledge about insurance and financial services as on empathy and awareness of how other people live their lives.
“We want to hear from those working in the profession who can help us come up with a plan to improve the nation’s financial independence in later life.”
Anyone wishing to be part of the Insuring Futures working group should email firstname.lastname@example.org.