View more on these topics

Skandia rethink on CI claims statistics

Skandia is to change the way it reports its critical-illness claims statistics to bring it in line with the rest of the industry.

It was attacked earlier this year for claiming to have a zero per cent unpaid claims for non-disclosure record. Now it admits that the way it collated claim data was flawed and it paid out on 85 per cent of claims last year.

Protection marketing manager Alison Turner-Holmes says: “We were being a bit over- zealous. When someone rang up to say that they might have a claim, we were recording it. This was an additional column we called ‘Not proceeded with’ but a claim was never actually filed. We have removed this and now around 85 per cent of claims are being paid. We were not doing this to be the best in the market, we just want to be clear about what we are paying.”

Skandia is also looking at making remuneration more flexible for advisers selling protection and is looking at offering trail instead of up-front commission or a combination of the two.

Recommended

Aussie wrap firm raises conflict concern

Australian wrap provider Praemium says IFA-owned wraps such as Ascentric and Nucleus could produce a conflict of interest in the way partner firms deal with clients. But both platforms have hit back, saying the comments show an ignorance of the UK market. Praemium managing director Arthur Naoumidis says: “We would be concerned if we were […]

The day of creation

Nicola York finds out how and why the name Edeus was picked for a controversial new mortgage company that aims to make a big impact on the market

First National in prime move

GE Money Home Lending brand First National is moving into prime mortgages with a pilot with three intermediaries – Pink Home Loans, Abacus Permanent and Optoma Broker Solutions.

Three catalysts for European equities

By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com