The firm, which turned five this year, is releasing its life and critical illness claim statistics for the first time. It has paid over £20m in life cover since it launched in 2003 and over £14m in critical illness cover, £98,000 of which was cover for sick children.
The average size of critical illness claims paid last year was £77,000 and the average male claimants was 43 years old while women were around 40. A hefty 42 per cent of critical illness claims were made due to cancer.
Over 86 per cent of people who claimed in the past 12 months used the Red Arc Helping Hand service which offers fully qualified nurse, home visits, counselling and a range of complementary therapies to help people manage their illness. This service is included in all Bright Grey plans at no extra cost.
Nearly 30 per cent of clients made material changes to their online applications when they were sent a copy to check in the past year which Bright Grey says proves the effectiveness of the wet signiture process.
Royal London chief executive intermediary division John Deane says: “As a new business, we’re proud to have helped people by paying out £35m of claims since launch and we supported the emotional and practical needs of plan owners through our Helping Hand service as soon as they submitted a claim. We are still a relatively young company and are confident that these claims statistics will get even better over the next few years as our book of business matures.”