Providers and advisers face an on-going challenge of delivering
inclusive services to the growing number of oldest old and others
faced with similar complex needs.
- Many of today's oldest old (over 85s) are struggling to cope
with a changing world of insurance and financial services where
providers and advisers are increasingly remote and employing new
technologies to engage with customers.
- As well as being the fastest growing segment of the population,
the older age groups also hold a considerable proportion of the
personal wealth in the country and represent in many markets an
important group for insurers, financial advisers and investment
- The growth of an increasingly elderly population means that
there are not just more older people, but more who are living to
increasingly old ages, often with challenging medical conditions,
- Though there are not as many publicly available examples (to
date) of how insurance, life and advice firms are meeting the needs
of their oldest customers compared to the banking sector, progress
is being made by individual firms.
- Firms face challenges stemming from walking a tightrope between
what they must do under the law, what they should do according to
industry guidance and what they would like to do in order to meet a
customer's specific personal needs.
- What can the life, general and adviser professions do more of
to provide the additional support that their oldest customers might
need? We present some suggestions.