A new partnership between the Vulnerability Registration Service and data science firm Outra aims to make it easier for insurance companies to identity the UK’s 8.7 million vulnerable households, ahead of the Financial Conduct Authority’s Consumer Duty Regulations coming into force on 31st July.

Peter Jackson, chief data and technology officer at Outra, said: “The cost-of-living crisis has affected many households across the country. Our partnership will help strengthen awareness of potentially vulnerable consumers by enabling businesses, insurers, charities and support groups to pinpoint ‘at risk’ households within postcodes for the first time.

“This is a crucial first step towards better consumer protection and being able to harness the power of data science in this way will help support organisations to make more informed decisions on vulnerable households, particularly in light of the FCA’s new standards.”

Helen Lord, chief executive officer at VRS, added: “With the ability to operate at national, regional, postcode, and household level, Outra’s data and the Vulnerability Index empowers businesses to proactively manage regulatory and financial risks. But, even more crucially, it allows them to extend support to those most at risk before any problems begin to spiral.

“This pre-emptive approach is a game-changer in ensuring the well-being of vulnerable individuals and aligns perfectly with the forthcoming Consumer Duty by the Financial Conduct Authority.”

Share Story: