Cirencester Friendly publishes claims payout data

Published on

Cirencester Friendly has revealed that it paid 94% of claims in 2015. 

During 2015 a total of 787 applications were made, of which 97.6% were eligible for consideration. This left 768 claims to be considered and of these 725 (94%) were paid – a total of £3.2 million in sick pay benefit.

Reasons for rejecting claims included proof of earnings not be able to be supplied; no loss of earnings occurred and non-disclosure.

The highest reason for making a new claim in 2015 was for accident or injury (29%).

Paul Hudson (pictured), chief executive said: “We are committed to supporting our Members when they need us most and we are thrilled to be able to report another year of very positive claims figures.

“Unfortunately the unfounded fear of claims being declined continues to impact the sale of income protection across the entire insurance industry, which is why we feel a transparent approach to the payment of claims is so important, both for consumer confidence and the negative perception that many intermediaries have of protection products.

“Many providers now publish claims statistics and I would urge advisers to use these figures to dispel customer concerns and emphasise the need for good income protection cover.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...

Mortgage product availability surpasses 25,000 for the first time

The number of mortgage products available in the UK has reached an all-time high,...

ASG Finance launches loan for HNW investors

ASG Finance has introduced its latest funding initiative: the ‘Base Rate Beater’ secured investment...

Other news

Why it matters that bridging hit more than £10bn last year

We see many numbers bandied around in the financial industry, which can sometimes have...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...