What does the term 'detriment' commonly refer to in the context of vulnerable customers?

The term 'detriment' commonly refers to a loss or disadvantage, particularly when discussing vulnerable customers in the insurance sector. In this context, vulnerable customers may face challenges that put them at a disadvantage, such as financial hardship, lack of understanding of products, or difficulties navigating services. Recognizing and addressing these detriments is crucial for providing equitable treatment and ensuring that the needs of vulnerable individuals are met effectively.

Understanding detriment helps in developing better practices and policies that protect these customers from exploitation or inadequate service. This focus on their well-being can also improve overall customer relationships and trust within the insurance industry.