Meeting the needs of an ageing population
16 January 2017
31 October 2018
Policy and Public Affairs
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 firms.
- 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, including dementia.
- 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.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.