How insurance contributes towards financial inclusion and affordability

Financial inclusion, such as affordability, is a core priority of regulators and businesses and is causing change. With changes posed by FCA regulations there’s a need to readdress all components of customer engagement and redevelop the journey to be inclusive of expectations, but also an opportunity to redesign the entire strategic potential of customer engagement. To do this, insurers need to offer a best-in-class experience, obtain sophisticated and informative insight – but also innovate at pace, and scale.


There are many dimensions to financial inclusion. In insurance, exclusion provokes unfair pricing – which could be caused through a person’s lack of access to online channels – or again from limited data in order to price fairly.

It is also not restricted to onboarding either. Through the lifecycle, being able to understand what products and services are relevant to the individual at each point in time is integral. Being able to identify this allows you to better manage and personalise experiences – ones that are risk free for all.

In this paper we explore the role insurance has to play in financial inclusion, the importance of affordability checks to inform decisions and the new guidance provided by the FCA in regard to assessing creditworthiness in insurance.