"Cirencester Friendly’s consistent payout rates and responsiveness to diverse claimant needs highlight its role as a leading IP provider in the UK."
- Chris Mason, Strategic Partnerships Manager at PRIMIS Mortgage Network
Cirencester Friendly has published its claim figures for 2024 to help advisers & customers make an ‘informed choice’ and ensure submitted claims are valid. In the last twelve months, the friendly society paid 95.8% of claims and more than £10mn in benefit to members – this includes all benefit payments for Income Protection (IP), My Extra Benefits, and Children’s Critical Illness Support.
Musculoskeletal (MSK) was the most common cause of claim (33%), followed by accidents (21%), hip/knee injuries (10%), mental health (6%), heart/circulatory conditions (4%), cancer (3%), and abdominal conditions (1%). 17% of claims related to digestive, nervous system, respiratory, ear, eye, skin, blood, and allergies.
In terms of sex, 33.5% of men submitted MSK-related claims compared to 28.7% of women. Notably, more men (23.3%) than women (10.7%) submitted accident-related claims.
Analysing its claims data across generations, Cirencester revealed that millennials submitted the most MSK-related claims (222), accidents (158), and hip/knee injuries (65). Gen X submitted the most mental health-related claims (33) and cancer-related claims (31) – there were only 16 cancer-related claims from the remaining generations.
The highest annual payment was £53,130 – on average, annual payments were £4,757 – and the longest claim lasted 34 years. The average female claimant was 42 years old, compared to men at age 40.
Overall, Cirencester received 1,447 claims, of which 33 weren’t eligible because it was for an already excluded medical condition or the claim ended before the expiry of the deferred period. 1,414 claims were considered, and only 60 were declined. The most common causes for declined claims were continued income, late receipt of information, no proof of income, and misrepresentation.
“Our latest claims figures reflect our core objective to be there when members need help the most. The fact that there’s almost fifty years' difference between our oldest and youngest claimants shows protecting your income is important no matter your age or occupation,” explained Michelle West-Wiggins, Director of Customer Experience at Cirencester Friendly.
She said: “Almost half of claims were from Millennials, who’re most likely to have young families to support. They’re likely to have high fixed outgoings, and being unable to work for 1-2 months can have a severe impact on their finances, not just while they’re unwell or incapacitated but for years to come.”
From experience, Chris Mason, Strategic Partnerships Manager at PRIMIS Mortgage Network, said, “We have seen significant growth in the IP market over the last twelve months; robust claim processes provide customers with peace of mind. Cirencester’s transparency in publishing these statistics underscores their dedication to clarity and member support.”
