The award winning provider, the first in the IP market to publish claims statistics in 2005, has announced it paid 95% of all claims received during the year.
Commenting on the statistics, Chief Executive Andy Chapman said:
“It’s quite simple, paying claims is what we’re about and what we exist for so I’m delighted to release these statistics as our continued commitment to engaging advisers and consumers in income protection.”
“It is important to the long term success of our industry that we continue to push for an open and transparent approach to claims, this is what consumers demand of us in 2012. This isn’t about insurers comparing the odd percent here and the odd percent there, it’s about growing consumer confidence that as an industry, we deliver.”
The detail behind the headline showed the most common cause of claim was for muscular & skeletal problems, which accounted for a 22% proportion of claims, although this was a slight fall from the previous year.
The Exeter based mutual also confirmed that 1.2% of claims received were declined as a result of non-disclosure.
Commenting on this, Head of Intermediary Sales Mike O’Brien said:
“Full disclosure is key to making sure that our customers have no nasty surprises at claim. We will continue to work with advisers to ensure we keep non-disclosure to an absolute minimum.”
