"Looking ahead we are continuing our exciting transformational journey at The Exeter which will see us further enhance the services that we offer our members, including at the point of claim."
- Claire Hird, Customer Service Director at The Exeter
The Exeter paid 1,100 Income Protection (IP) claims (96%) in 2023 - overall, the total payout figure has risen from £9.9mn in 2022 to £11.3mn. The most common reason for an IP claim was musculoskeletal conditions (42.8%), followed by hip & knee disorders (10.5%), and mental health conditions (7.5%). Notably, 68% of the 40 unsuccessful claims were due to misrepresentation, where questions weren’t answered correctly at the point of application.
The average claim duration for a full-term IP policy was 88 weeks. As of 2024, the longest-running claim at The Exeter has been paid for over 26 years, with over £320k paid to date.
35 (90%) Life Insurance claims were paid, equating to £1.5mn. This figure includes payment for death claims and terminal illness claims. Where The Exeter was unable to pay (4), this was due to fraud or misrepresentation.
8,152 (92%) of Health Insurance claims were paid; the total payout for Health Insurance increased from £25.4mn to £28.4mn in 2023. The most common reason for a health claim was musculoskeletal conditions and connective tissue disorders (30%), followed by a recent cancer diagnosis (23%).
“The number of claims we paid in 2023 highlights the value of Health, IP, Life Insurance, and the important role played by advisers in recommending these products to their clients. Every claim we pay provides valuable peace of mind to a member and we are delighted with the percentage of claims that we have paid in the last 12 months,” said Claire Hird, Customer Service Director at The Exeter.
She said that where The Exeter has been unable to pay, “we are committed to working closely with advisers to reduce the reasons for this and hope to see instances of misrepresentation continue to reduce.”
