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Zurich pays 93% of IP claims

Zurich paid out on 93 per cent of new income protection claims in 2014, according to its latest figures.

Of the 687 IP customers receiving payments in 2014, 69 were new claims of which 93 per cent were successful. The remaining 7 per cent were rejected for failing to meet policy criteria.

The figure is slightly lower than 2013’s 94 per cent payout rate. In total, Zurich paid out £11.8m in IP claims last year, down from £12.3m in 2013.

Average monthly payouts totalled £1,524 per customer, with cancer, mental illness, musculoskeletal disorders and neurological conditions the top four most common reasons for claim.

Zurich head of retail propositions Peter Hamilton says: “We hope these statistics reassure and remind people how invaluable IP cover is. As well as the financial benefits paid out to customers, the rehabilitation element of the product that can help people back to work is often overlooked.”

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Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

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