"Certain characteristics of our industry should be written in stone and arguably paying all valid claims is at the top of this proverbial pile."
The new hub provides advisers with the collateral to help handle some of the most common objections relating to insurers not paying out. This includes:
• Detailed claims statistics dating back to 2012 for life, critical illness and income protection, including, where available, youngest and oldest claimants, average sums assured, largest sums assured and most common reasons for claims.
• A detailed analysis of each insurer's claims process including their claims handlers, how they can be notified, how the claim can be tracked and the ongoing support provided to claimants.
• A range of real-life claims stories from different insurers for income protection, critical illness and added value benefit services.
• Links through to any analysis Protection Guru has produced relating to claims.
The claims hub is available free of charge to advisers and can be accessed from the Protection Guru site.
Robert Harvey, protection product specialist at Protection Guru, commented: “As the market aims for ever greater transparency on claims and claims data, advisers can find themselves inundated with reports, marketing emails and infographics, which inevitably often get lost or forgotten about. Our claims hub brings everything together in a single resource, including claims statistics, processes and stories. By providing advisers with detailed claims data, from the headline payout rates through to age of claimants, average payout amounts, length of claims and reasons for claim rejection, we ultimately hope to drive better protection conversations.”
Roy McLoughlin, associate director at Cavendish Ware, said: “Certain characteristics of our industry should be written in stone and arguably paying all valid claims is at the top of this proverbial pile. Advisers need this information readily and in an easy to understand and practical medium of communication. They also need access to valuable statistics regarding the practicalities of real life payments Along with the utopia of real life claim stories this info can now be found on the Protection Guru which when looked at together will help challenge the misconception many clients have that claims are not paid.”
