Legal & General paid more than £1bn in retail protection claims in 2024, the highest annual total in its history, as the insurer reported a sharp increase in the volume and speed of payouts following continued investment in digital claims handling.
The provider settled over 20,000 claims across life insurance, income protection and critical illness cover – equivalent to an average of 57 claims every day, totalling £2.5m daily. The total of £1.06bn marks a rise of more than £100m on 2023 and reflects a third consecutive year of growth in both claims volumes and the overall amount paid out.
David Banks, director of claims and underwriting for retail protection at Legal & General, said the business was committed to improving the customer experience at every stage of the process. “We’re proud that we’ve been able to consistently support individuals and their families at times of immense stress and hardship,” he said. “Digital claims, for example, has already made a positive impact and we expect this to continue.”
CRITICAL ILLNESS JOURNEY IMPROVEMENTS
A key factor behind the improved figures was the company’s digital claims journey for critical illness cover, which has helped reduce the number of requests for additional medical evidence by more than 25%. Customers using the online portal, My Account, can now submit claims and upload supporting documents securely, with real-time updates available to track progress.
Legal & General said the streamlined digital service was designed to reduce delays at a time when policyholders and their families are under considerable strain. Features such as 24/7 access, quicker claim assessments and links to additional support services are helping to shorten average processing times and deliver faster outcomes.
Banks said the insurer’s focus remained on delivering timely financial support during some of life’s most difficult moments. “By continually improving our processes and investing in technology, we aim to create a smoother, faster, and more transparent system that alleviates stress, pays claims as quickly as possible and provides peace of mind,” he added.
Legal & General has paid a total of 20,903 retail protection claims over the course of 2024.
