Iotatech, a major supplier of insurance technology has entered into a strategic partnership with FCA-authorised UK fintech business Hope Macy to launch Family Connect into the insurance sector. The partnership provides a new digital solution designed to help protect the financial interests of vulnerable customers using insurance and other financial services.
The Iotatech partnership with Hope Macy will provide services to help ensure vulnerable customers are treated fairly in line with FCA requirements and provide those customers with better access to insurance products, and improved service when there is a claim.
Both Iotatech and Hope Macy operate on a Software-as-a Service (‘SaaS’) basis, enabling insurance and/or claims providers to offer the service to vulnerable customers without making significant investment in legacy systems.
According to the FCA’s Financial Lives Coronavirus Panel Survey, carried out in October last year, more people have found themselves in vulnerable circumstances due to the pandemic. Results showed that 53% of adults displaying at least one characteristic of vulnerability, including suffering from health, financial or family issues.
The Iotatech/Hope Macy partnership allows customers to identify themselves as vulnerable and to set up their chosen support network of supporters for managing policies and claims.
This network, who may be family, friends, or professional advocates such as loss adjustors, can then assist in the management of personal financial information and potentially complex claims processes, thereby reducing any potential exposure to financial harm.
Iotatech CEO Michael Sargeant commented: “We are pleased that our collaboration with Hope Macy will result in a solution offering benefits to both insurers and to their vulnerable customers.
“It will help insurers and other related service providers implement the FCA’s guidance on vulnerable customers and is a great example of a regtech solution in the sector.”
Hope Macy CEO and founder Sam Manning said: “Hope Macy is the first to offer a regulated platform where carers can assist others with financial matters.
“The combined platform allows insurance businesses to integrate with their own solutions, or to use it as a standalone service. In the UK some 20 million people identify as vulnerable, and there are 8 million carers, with these numbers set to increase as the population ages. Insurance and financial firms are ideally placed to improve the accessibility of their services through digital platforms. Family Connect will make insurance more inclusive for millions of people.”