Research firm The Finance & Technology Research Centre has launched a new claim statistics tool which aims to help advisers dispel consumers’ fears that protection insurers do not pay claims.
The online tool, which is free, features in-depth claims data for life cover, critical illness cover and income protection insurance from 10 of the market’s largest insurers.
F&TRC says giving advisers a means of proving the generally high payout rates across the industry could make consumers more likely to take out protection.
The participating insurers are Legal & General, Aviva, Friends Life, Aegon, Bright Grey, British Friendly, Exeter Family Friendly, LV=, Scottish Provident and Zurich. Ageas is set to follow shortly.
As well as providing the overall percentage of claims paid during a specific period, the data also includes things like the number of claims paid, the average age of claimants, the youngest and oldest claimants, the top five common reasons for claiming, the average time taken to pay claims and a breakdown of why claims were denied.
The tool can be viewed on mobile devices as well as desktop and laptop computers.
F&TRC managing director Ian McKenna says the firm is looking at the feasibility of creating a consumer-facing version of the website.
McKenna says: “By publishing claims data on a regular basis the protection industry has come a long way in recent years. However, the message is not getting through to advisers or consumers.
“Research [by the Protection Review, earlier this year] shows the perception is less than 40 per cent of claims are paid, while the reality is 90 per cent. This free tool provides an unparalleled amount of claims data in one place, in a simple and consistent format, that will help advisers and consumers to understand the need for protection.”
LifeSearch life office relationship director Emma Thomson says: “Publishing claims statistics is vital to dispel the myth that protection policies do not pay out.
“F&TRC’s new claims tool is impressive and will make it easier to understand claims and to show how valuable protection cover is.”
Advisers who wish to register can do so at www.adviserforumplus.com.
Click on pictures below to see enlarged screenshots of the tool in action:
More to follow…