In order to improve access to insurance, the Government have asked the financial inclusion task force to analyse three issues: which types of insurance are most needed by financially excluded customers; the barriers, including cost, to excluded customers of taking up these insurance products; and how these barriers might be overcome, drawing on evidence on the success of insurance with rent, and risk reduction projects.
The task force is due to report on its findings to Government shortly. The final report will be published on the financial inclusion task force website, and Government will consider these findings.
The financial inclusion Champions initiative was announced in December 2007 with an allocation of £12 million from the Financial Inclusion Fund. The Champions initiative will operate between 2008-11 and will seek to implement and coordinate financial inclusion activities at a local level, with work to promote demand for appropriate financial services, including insurance.
The financial inclusion Champions initiative will provide dedicated members of staff with experience of working on financial inclusion to work with housing associations and social landlords in specific geographical areas to promote and support the supply and take-up of insurance schemes targeted at social tenants.