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Lifesearch and ABI open critical talks

Lifesearch is meeting with the ABI for talks on protection providers publishing critical-illness cover claim statistics.

The firm says negative media coverage will hit consumer confidence in the product unless there is greater transparency.

The ABI has no plans for providers to provide CII statistics. It says that compiling industrywide data on declin-ation of claims would not provide any meaningful basis on which customers could compare different companies.

Standard Life has provided case studies to explain why some CII claims are declined in an effort to demystify the product and educate consumers on how CII underwriting works. ScotEq Protect has revealed what payouts it has made on its policies, although it has not detailed how many claims were rejected.

Lifesearch senior technical adviser Kevin Carr says: “Why doesn’t the ABI provide a paper to say what is a genuine claim and what isn’t and give providers some guidelines?”

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