All protection providers should reveal their claims statistics to improve understanding and decrease instances of non-disclosure by clients, according to Abbey for Intermediaries.Head of life and health propositions (protection) Sue Wilkinson made her call as ScotProv released its critical-illness claims data for January to June 2005. The data shows that the majority of unsuccessful claims were as a result of non-disclosure. Wilkinson says advisers and clients need to understand the consequences of non-disclosure and the ABI should be taking a more pro-active role with consumers and the press. Of 75 ScotProv claims that were not paid, 66 were declined because the claimant had not disclosed material information when taking out the plan. The rest were turned down because the illness suffered did not meet any of the CI definitions. The average CI claim paid was 74,529. Cancer remains the most common reason for claiming, with more than 30.5m paid out for 383 claims. Wilkinson says: “By highlighting reasons why some claims are declined, we are also trying to emphasise the need to be as accurate and detailed as possible with the information disclosed on application forms. If some people are not sharing their data with the rest of the industry, I would like to know why.” Life Policies Direct managing director Jason King says: “Claims stats are definitely useful to have but you have to make sure you are comparing apples with apples.”
Scottish Equitable Protect is making changes to its online protection underwriting service, including single data entry and better commission. The system now allows single data entry, with pre-population of quotation data and gives 10 per cent commission for online applications. The changes go live on October 24 and Scottish Equitable says IFAs will now be […]
A lot of honest IFAs are being caught up in a flawed complaints process
Middle-aged female divorcees are facing a retirement funding crisis, claims a rep- ort from Norwich Union Equity Release. According to the Asset Rich, Cash Poor report, just 4 per cent of divorced women over 50 have received any of their former husband’s pension pot on divorce or separation despite recent legis- lation which gives women […]
A-Day represents a massive opportunity for advisers but they should forget about winning new business from young people on low in- comes, says Scottish Life head of pensions Steve Bee. Speaking to a room packed with IFAs at the Institute of Financial Planning conference last week, Bee said advisers should concentrate on the 10 to […]
The companies held in the Artemis European Opportunities Fund are resilient and still growing. Mark Page finds little to worry stockpickers who focus on the fundamentals.
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