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The UK’s largest friendly society, LV=, has announced that it paid out 94% of all new individual protection claims in 2016. With close to £77 million paid out in new claims, 2016 was a record year for the Bournemouth-based mutual with the number of claims paid rising by almost 40%.
Last year, LV= paid 100% of all ‘50 Plus’ claims and 98% of life insurance claims. Elsewhere, it paid a total of 92% of all new critical illness claims and 90% of all income protection claims in 2016.
Critical Illness Cover | Income Protection | |
|---|---|---|
Musculoskeletal disorder | – | 23% |
Mental health conditions | – | 14% |
Cancer | 65% | 14% |
Heart conditions | 13% | – |
Strokes | 7% | – |
As Tom Conner, Director of Drewberry, explains, “LV= remains among the vanguard of those UK insurers who regularly publish their annual claims data. At Drewberry, we’ve always supported this approach and we’ve looked to use our membership of various industry bodies to encourage other insurers to follow suit.
“Thanks to the increased transparency that has resulted from such practices, the average Briton now has far greater confidence that their insurer will be there for them when they really need it. As a result,” says Conner, “the sales of personal insurance products are gradually rising once again.
“The added competition that accompanies such transparency has also spurred ever-greater product innovation with LV= remaining firmly among the industry’s leaders,” says Conner. “This year, it introduced new systems that allow many claimants to provide the medical evidence, scanned documents and imagery they need by smartphones, which has speeded up claims significantly.
“Meanwhile, the Protection Distributors Group (of which Drewberry was a founder member) has also encouraged it to deliver new innovations such as an early payment of up to £10,000 on death claims that can be paid within 24 hours.
“This is a real boon for policyholders as it helps to lift much of the immediate burden on bereaved families,” says Conner. “Such thinking on the part of LV= also goes a long way to explaining why it’s currently the UK’s joint number one brand for insurance and investments according to a recent YouGov poll.”
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