The year’s best claims stats and stories
One of the remarks we heard repeatedly at yesterday’s Protection Review in London, was the need for the industry to do more to share positive claim stories. We’ve seen improvements in recent years in press coverage of protection claims, with more of a focus on positive stories rather than negative, a point made by Kevin Carr. However, there is much more the industry can do, from both insurers and advisers, to share as many stories as possible, to ensue consumers are more aware of the importance and value of protection insurance and to give further weight to the overwhelming evidence that protection policies do pay out. Sharing positive claim stories, of which there are undoubtedly very many, is also a vital way of helping build trust with clients and can hit home the value of protection in a way that perhaps statistics can’t. In my own experience telling a client that 98% of policies pay out was far less effective than sharing with them a video, of someone similar to them, recalling their experiences of ill health and the positive claim journey they went through.
At Protection Guru we’ve been collecting as many stories and case studies as we can over the last 12 months and building up our claims hub, giving advisers an easy to access, single place where they can locate these vital resources. Our work is not done though and we will continue to gather more stories and information on claims, which we will share with the industry and we hope advisers in turn will share with their clients.
We bring you a round-up below of some of the stories and content we’ve published so far. You can also follow the links to our claims infographics, which are single sheet infographics packed with some of the most powerful stats we’ve obtained from insurers.
(Click the images below to view and download our IP, CI and Life claims infographics)
LV=’S 35 YEAR INCOME PROTECTION CLAIM… THAT IS STILL BEING PAID
When speaking to clients about protecting their income there are many objections that might be thrown at you. “I’m too young”, “I’m healthy”, “if I’m ill I won’t be off for a long time” might be some of the more common, especially in younger clients. Whilst statistically, a younger person is less likely to need a long period off work, it does happen and the story of one claim from LV= highlights exactly why younger clients should be prioritising Income Protection…
HOW HOLLOWAY FRIENDLY HELPED A CLIENT ACHIEVE THE BEST POSSIBLE OUTCOME
One of the benefits of working as closely with insurers as we do is that, during claims stats season, we are often provided with far more information than insurers generally expose through their claims literature. More often than not when we delve into this detail we come across statistics or stories that we believe need to be shared with advisers and their clients. In a recent discussion with Holloway Friendly we came across an astounding story that not only highlights why income protection is so important, but also the fantastic ongoing support that they provide to their clients that many do not see or appreciate.
THE STORIES BEHIND INCOME PROTECTION CLAIMS
Income Protection provides far more than just financial support to those that are unable to work due to injury or ill health. Within this page we have brought together a selection of videos that explore the impact that having income protection has had on a number of clients and some of the families supported by the 7 Families initiative.
THE STORIES BEHIND CRITICAL ILLNESS CLAIMS
It is well publicised that consumers have a misconception that the protection industry does not pay claims. All insurers now publish their claims paid stats that highlight claims paid are often well in excess of 90% and this data is freely available for advisers to pass on to their clients. Whilst this can help build consumer confidence it only tells part of the story and nothing quite highlights the importance of protection like a real-life example of a client benefiting from their protection plan. Many insurers now release case studies on their websites which tell the stories of claimants, how their scenario has affected them and their family and how having protection has benefitted them. We have brought together a collection of case studies from across the market telling such stories.
Support SERVICES CLAIM STORIES
Protection plans offer so much more than just a financial pay out. Across the industry added value benefits such as second medical opinion services, counselling, virtual GP services etc. have rightly become a core part of plans with use of such services increasing massively during the pandemic. Within this page we have brought together a selection of videos that highlight how such services have helped clients and the impact they have made on not only them but their families as well.
PROJECT TEDDY – HOW AVIVA HAVE BEEN SUPPORTING THE CHILDREN OF CLIENTS
Having to claim on a critical illness policy must be hard at any time. If the claim is due to a condition that your child is suffering then one can only imagine the anguish the parent is going through. If your child is in pain, just being able to see them smile, if only for a little while, would make a massive difference. Whilst the money received from a critical illness policy in such circumstances will always be gratefully received it is often the little and unexpected touches that make a real difference. Aviva’s Project Teddy initiative was designed for this exact reason and in this article we looked at how this has given a short but welcome distraction to many families over the last year.
ZURICH’S CLAIMS STATS HIGHLIGHT FRACTURE COVER IS NOT JUST FOR ACTIVE CLIENTS
A broken bone or ligament tear can have severe implications on our ability to carry out day to day tasks. It is also something that is not unfamiliar as it is not uncommon to pass someone on the street in a cast (when we could pass people on the street) or see someone stretchered off a sporting pitch with a brace on TV. With many sporting injuries (and particularly football) being high profile it is perhaps understandable that many advisers would focus more on younger, more active clients when discussing fracture cover. Zurich’s record number of fracture claims in 2020 however, highlights that perhaps we should be widening these discussions to those that are not as active. In this article we explored in more detail what fracture cover claims Zurich paid and events that led to those claims.