The Chartered Insurance Institute has established a cross-sector vulnerability data sharing taskforce to minimise the number of times vulnerable customers have to disclose the same data to different firms across the distribution chain.

The CII says a lack of common standards, shared terminology and practical mechanisms across the distribution chain are immediate issues that need to be addressed. The taskforce has established three working groups to deal with these issues and to create a vulnerability data dictionary and explore how best to drive market adoption and engagement.

The taskforce includes professionals from insurance, personal finance, technology, academia, and professional bodies.

Matthew Hill, chief executive of the CII Group, said: “Customers should not have to disclose sensitive information repeatedly. By bringing together expertise from across insurance, personal finance and beyond, this Taskforce will help develop practical, sector-wide solutions that strengthen consumer trust and improve outcomes for people in vulnerable circumstances.”