ProtectionSep 9 2020

Moneysworth creates no-phone option

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Moneysworth creates no-phone option
Moneysworth screen grab
BySimoney Kyriakou

Insurance broker Moneysworth Life Insurance has launched a 'no phone' option to help people with mental ill health complete an application online.

According to Andrew Wilkinson, director of the Manchester-based broker, because the company's goal is to increase access to insurance for people with mental health conditions, it was important to provide different ways of enabling people to apply.

This is why it has amended its mental health webpage to provide a no-phone option. 

He said: "We know from our own conversations with clients in this situation that talking about mental ill health can be uncomfortable and upsetting for them.

"Our team always treat clients with care and sensitivity, and we’re always keen to find new ways to improve how we engage with anyone who asks us to help them find cover."

In July, Financial Adviser took part in the launch event of the Mental Health UK's Affording Protection report.

The survey, carried out among UK adults with mental ill health conditions, revealed there was a significant number of people with mental health disclosures who said they would prefer not to have to speak with anyone in order to make an application for cover.

Some 31 per cent of respondents told Mental Health UK they would find it "too distressing" to speak with an insurance professional.

Additionally, nearly half of respondents (45 per cent) said the process of applying for insurance left them feeling distressed.

The report by Mental Health UK made eight recommendations to improving the insurance journey for people with mental ill health, including improving transparency, repairing trust in the financial services industry and for firms to train call centre staff better to help build up relationships and trust with people suffering from mental ill health. 

Brian Dow, chief executive of Mental Health UK, commented: "Our recommendations aim to tackle the issues that people face in accessing insurance, to extend the security that the industry provides to more people living with mental illness and help open up a new market for the industry."