Exizent’s annual bereavement index report
Annual Bereavement Index reveals estate administration services provided by professionals are getting worse, putting vulnerable individuals at risk of declining mental wellbeing and financial instability
- 84% of legal professionals think the estate administration process is ‘slow and complicated’
- A third of finance professionals would not be satisfied receiving the bereavement service their company provides
- Estate administration is now the most stressful part of the bereavement process for consumers, above organising the funeral of a loved one and registering their death
- The number of people suffering mental health issues because of the process has risen by 15% this year, now at 55%
- Last year, 25% of individuals suffered financial difficulties paying for the process, but in 2022, 34% are now suffering
The estate administration process has been labelled ‘slow and complicated’ by legal services firms and unsatisfactory by finance professionals in 2022, and is increasing the stress, mental health concerns and financial difficulties experienced by individuals going through it.
The annual Bereavement Index, conducted by Glasgow-based legal technology firm Exizent, looks at the processes involved in bereavement as experienced by consumers, legal services firms and financial institutions, and how professional organisations are already, and should be further adapting their processes to support vulnerable individuals.
In this year’s edition, Exizent uncovered that, despite 70% of legal services firms committing to enhancing their processes for bereavement in 2021, the overall consumer experience is now in decline with 95% of individuals finding at least part of the process stressful, and 23% finding it extremely so – compared with 94% and 5% respectively in 2021.
The mental wellbeing of grieving individuals is also in decline as a result of the process. Last year, 40% of individuals admitted that the process caused them to suffer mental health problems. This number has now risen to a steep 55%.
This figure is perhaps not helped by the fact that the costs required to fund the process leaves over a third of individuals in financial difficulty – a pressure, as described in the Bereavement Commission’s Bereavement is everyone’s business report, as one that significantly adds to the emotional stress of the individual. Our Bereavement Index shows a direct correlation between financial and mental struggle throughout the process in that, of those who suffer financially, 86% have their mental health negatively impacted.
Exizent’s research showcases flaws in both key stakeholder’s processes.
84% of law firms admit that their processes for handling estate administration are ‘slow and complicated’. This is not helped by the fact that 90% of these professionals admit that their firm is currently under resourced to manage these cases and how 2 in 5 professionals don’t have dedicated probate software to do so. But legal services institutions might not be the only ones to blame.
Rated the top cause of delay for law firms, financial institutions’ processes are called into question and our research shows that financial services may agree. A third of these professionals would not be satisfied receiving the level of service their company provides. Considering these professionals manage on average between 500-2499 notifications each year and almost half don’t have a dedicated team for doing so, a lack of specialised focus on estate administration from both stakeholders might actually be to blame for the impact on consumers.
The solution: dedicated technology, better communication and focused teams
When asked what would improve their processes, legal services ranked better communications with financial institutions, better ways to locate assets and liabilities and a dedicated software solution as some of the top. They however, ranked faster responses from HMCTS/HMRC as highest. Financial services also ranked better communications and reducing internal process task times, like verifying accounts, highly. All priorities which could be solved with dedicated probate technology that ensures streamlined collaboration, more reliable asset discovery, and less onerous tasks for professionals resulting in more focused teams.
Nick Cousins, co-founder and CEO of Exizent said: “Following the loss of a loved one, the last thing individuals need is a lengthy estate administration process that causes them stress both mentally and financially. But sadly, the current structures professional organisations have in place means that this is exactly what they get.
“Our probate software is already playing a huge role in helping professionals streamline what’s involved in estate administration, to cut down operational costs and speed up case resolution. As a service-led business, we continue to work with our clients to ensure we solve the most important parts of the process that will allow everyone involved to work together seamlessly and resolve cases in the simplest ways to put the least strain on notifiers. As the Bereavement Commission has stated, ‘it is incumbent upon us all to work together to improve the experiences of bereaved people”
Vicky Wilson, co-founder and CEO of award-winning end-of-life admin service, Settld, said: “The evidence is now piled high. Bereaved consumers are too often brushed aside at exactly the time they should be centre stage. The reality is that a worrying number of service providers still do the minimum necessary to support bereaved and vulnerable people.
“Exizent’s 2022 Bereavement Index, and Settld’s own recent “Better Bereavement” survey, highlight the same issues outlined in last week’s report by the UK Commission on Bereavement.
“Too many companies are still falling short of investing in their bereavement tactics, technology and teams. Their lack of empathetic and efficient processes only adds to the stress felt by those who are grieving.
“Better Bereavement Standards are long overdue, and, like the Bereavement Commission, we call on regulators and governments to act fast. Settld is working closely with those companies who want to improve their customer experience. Our real hope is that these organisations, which are focusing on improving their service, will encourage more to follow suit.”
Vicky Wilson co-founded the Bereavement Standard campaign which calls for better treatment of bereaved consumers.
To read the full Bereavement Index report, please visit: www.exizent.com/the-bereavement-index-2022
