We are the voice of insurance and long-term savings | Contact us

Case study 3: IDEA drill (Royal College of Psychiatrists/Money Advice Trust)

Impact

Staff should ask what the mental health problem stops or makes it hard for the customer to do in relation to their financial situation.

This helps to provide insight into both the severity of the condition and its consequences.

Duration

Staff should discuss how long the customer has been living with the reported mental health problem, as the duration of different conditions will vary.

This can inform decisions about the amount of time someone needs to be given to retake control of their decisions.

Episodes

Some people will experience more than one episode of poor mental health in their lives.

Firms will need to take such fluctuating conditions into account in their decision-making.

Assistance

Firms should consider whether the customer has been able to get any care, help, support or treatment for their condition.

This may help in relation to collecting medical evidence.

Throughout, firms should keep in mind not only the commercial outcomes they wish to achieve, but also the steps that would bring about better customer outcomes for their health and financial wellbeing.

 

*Note that the wording has been adapted to suit the long term savings market.