British Friendly pays 96pc of IP claims

Sarah Davidson

February 10, 2015

The most common reasons for claims are musculoskeletal conditions, which have consistently made up 15-20% per year.

Mark Myers, chief executive of British Friendly, said: “We were the very first insurer to publish claims statistics for the whole of 2014 and we are now able to share the number of paid claims for the last five years to prove that we deliver on our promises – to pay all genuine claims consistently.”

He added: “I believe all insurers should publish their statistics by the end of January.

“The information is available to all insurers almost immediately so there is no reason why they shouldn’t all be published in the first 30 days of each year.

“It is imperative that as an industry we demonstrate an absolute commitment to delivering excellent outcomes for our customers.

“The Seven Families campaign is raising awareness of the vital role that income protection plays in protecting the things that matter.

“We need to reinforce these messages by showing that we will be there when it counts.”

Bedford-based British Friendly currently has £90m in assets.

Tom Conner, director at Drewberry Insurance, said: “It is important as an adviser to know that an insurer that receives protection business will follow through on their promises.

“Long-term paid claim statistics are a useful tool to demonstrate to clients that income protection policies consistently pay out and it also helps to demonstrate that insurers are not trying to decline every claim, which is how the public often perceives them.”

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