Money saving experts advise consumers to shop around to ensure they are getting the best deals on insurance and savings rates. The Business Disability Forum’s research, however, found that disabled consumers struggled to find the information they needed to make the right decision about who to bank with and where to go for insurance, meaning that disabled consumers may be missing out on the best deals and may be making decisions without having access to all the necessary information.
Spending power of disabled consumers
In the UK, it’s thought that around seven million people of working age have a disability. They have a spending power, known as the “purple pound” worth roughly £274 billion, and they need to spend on banking and insurance products and services that work for them.
Getting it right -Attracting new customers
Disabled consumers look for businesses that provide banking and insurance services that are tailored to suit their needs. 74% of the BDF’s respondents said that their choice of provider was influenced to some extent by their disability or access needs. The second most important factor when choosing a provider was the accessibility of the provider’s website or app.
Only 26% of respondents said that their first instinct when choosing a provider is to use a provider that they’re familiar with, leaving 74% of disabled consumers looking to give a new provider their business.
How you can reform
- Knowledgeable customer service- ensure customer support staff are trained on how disabled people can use their products and services, and provide training on how to communicate with consumers whose disability affects their communication
- Provide detailed information upfront rather than requiring disabled consumers with specific questions to get in touch for more information
- Flexible policies where possible- for example medical life insurance can be tricky with a long-term condition
- Inclusive communication- ensure websites and apps are fully accessible, provide new/ potential customers with clear information in a range of formats, and allow existing customers to receive communications in their preferred format
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