ABI: new motor and travel agreement for older customers
by Gill Montia
The Association of British Insurers (ABI) has announced a new agreement to improve access to motor and travel insurance for older customers.
In a speech to the Age UK conference yesterday, ABI director general, Otto Thoresen, announced that ABI members that don’t provide insurance because they apply age restrictions will have to “signpost” customers to an alternative appropriate provider, who will offer a product regardless of age.
Mr Thoresen commented: “With an ageing population, it is crucial that we make it easier for older people to access financial services.”
The agreement will come into force in April 2012.
The director general also announced that the ABI will be increasing transparency by publishing aggregated claims data each year, so that consumers can be confident that age is relevant to the assessment of risk, for both motor and travel insurance.
Separately, the ABI says it intends to work with its members to find the best way to communicate with older people, particularly where there are specific communication needs related to hearing or sight.
The Association’s research shows that while 41% of drivers in their late 60s would prefer to use a website, this drops to 25% for those aged 75 and over, with the remaining 75% of over 75s preferring to use the phone.