Retirement specialist Just Group has joined forces with technology provider Comentis to identify and support vulnerable customers.
Comentis’ digital cognitive assessment engine helps to identify ‘at risk’ customers through a clinically developed online process. The assessment provides a report on the nature of any vulnerability, how this impacts the customer and how Just Group can better support customer’s needs.
Just Group’s sister company HUB Group is also running a pilot with Comentis for its advisers in the lifetime mortgage market.
Vulnerability has become a key concern for the Financial Conduct Authority of late, with the regulator highlighting the need for financial services firms to have a vulnerable customer strategy in place to assist their customers, particularly amid the cost of living crisis.
Jenny Cadman, head of customer experience at Just Group, said: “We are delighted to be the first provider in the retirement income market to make use of Comentis’ innovative software to help our customers. Supporting people with characteristics of vulnerability is an integral part of our customer service and this cutting edge software will allow us to spot people who may be unaware of their vulnerability or are concerned about sharing it.
“It provides us with a clinically tested tool that allows us to identify vulnerable customers and equally important, how we can best support them.”
Jonathan Barrett, chief executive of Comentis, commented: “Given the continued focus by the FCA on client circumstances within the new Consumer Duty guidance, firms will need to make sure they are adequately supporting their vulnerable clients. As such, we are delighted that Just and HUB Group will be utilising our tech-powered service to go the extra mile in supporting vulnerable customers.”
According to the FCA, as many as one in two adults may be at risk of financial vulnerability and this is likely to worsen over the winter as the cost-of-living crisis worsens and the recession starts to bite.
Barrett added: “Identifying those who may be ‘at risk’ of poor outcomes is the very first and most important step towards ensuring they gain a positive experience and end-result. We are looking forward to helping Just and HUB Group achieve this.”
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