View more on these topics

Holloway Friendly pays 96% of IP claims

Holloway Friendly says it paid 96.2 per cent of all income protection claims in 2011, an increase on the 95.5 per cent paid out in the previous 12 months.

Of the 3.8 per cent of claims which were not paid, 67 per cent were due to customers failing to provide the correct medical or financial evidence.

Other reasons included customers failing to notify the firm that their circumstances had changed since they took out the policy.

No claims were denied because of non-disclosure, which Holloway says is down to its move to telephone interviewing and recent underwriting improvements.

Holloway Friendly sales and marketing director Mat Manser says: “Mat Manser, Sales & Marketing Director for Holloway Friendly says, “Holloway Friendly has an exceptionally high pay out rate on claims which improves every year, showing that we continue to support our members when they need us the most, be it in paid claims or by meeting their changing needs with continually evolving products and services.”

Recommended

Morgan Stanley job cuts loom on derivatives

Morgan Stanley European head of structured product marketing Sophie Barnett has been put on consultation along with other members of the equity derivatives team, Money Marketing understands. The consultation is understood to be part of a wider programme of redundancies at the bank. In December, Morgan Stanley announced it is planning to cut around 1,600 […]

5

Adviser banned and fined £335k for retaining premiums

The FSA has banned and fined an adviser £335,204 after he deliberately retained premium payments which should have been paid to insurers. Donald Morgan Insurance Services partner Donald Morgan should have paid the premiums via his network. The FSA does not name the network involved. The FSA says clients’ premium payments were misappropriated between 2005 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment