Identifying and Supporting Vulnerable Clients

Any of us could experience vulnerability.

What makes a customer Vulnerable?
Vulnerable customers can be identified based on various factors such as socio-demographic characteristics, behavioral traits, personal circumstances, or market conditions that make them more susceptible to harm or loss.

There are several reasons why a customer may be considered vulnerable, including:

• Limited literacy, numeracy, technological, or financial skills 
• Physical disabilities 
• Severe or chronic illnesses (including mental health conditions) 
• Low income and/or high levels of debt 
• Life changes like job loss or divorce 
• Experiencing family or domestic violence 
• Cultural or linguistic diversity 
• Age 
• Remote location

It is crucial to understand that being in one or more of these categories does not automatically mean that a customer is vulnerable. All Avoca staff must be mindful and conscious of their own biases when identifying and assisting vulnerable customers.

Identifying Vulnerable Clients
Identifying vulnerable clients is an indispensable aspect of the process of getting to know our clients.
When interacting with our clients, it is crucial for all Avoca employees and authorised representatives to ask themselves questions to evaluate whether any client is or may be vulnerable.

Our team is educated to pay close attention to passing remarks made by their clients. For instance, a client may mention that they are struggling to cope or have hinted at personal issues. While these remarks, comments and observations alone may not definitively indicate that a client is vulnerable, they can help paint a clearer picture of the client’s situation.

Identifying vulnerable clients can pose challenges when direct communication is not possible, such as through a website portal or email. In such cases, we will watch for signs that may indicate a client is vulnerable. Some examples are:

• Delayed responses 
• Repetition 
• Regular late payments

How Avoca Insurance Brokers supports vulnerable clients
We are dedicated to enhancing the level of care and support for customers facing vulnerability by: 

• Allowing additional time to clarify advice and address client queries 
• Providing intricate advice through multiple brief meetings instead of a single lengthy one 
• Meeting clients at their location or through teleconferencing 
• Permitting an authorized third party (like a friend or family member) to accompany clients to meetings. 

At Avoca, we are constantly enhancing the support we provide and the methods through which we provide it.

Referring clients to specialist support services
At times, we may not be able to provide the necessary level of support as brokers. In such cases, our team at Avoca Insurance Brokers can recommend external resources to assist vulnerable customers.