IP Task Force applauds claims paid disclosure

Nia Williams

May 8, 2013

The group campaigned for some time for insurers to disclose claims paid rates and has made a willingness to disclose claim statistics a condition of membership.

Roy Mcloughlin, a member of the IPTF executive who has been working with insurers to provide a framework for release, said: “The IPTF are delighted to see all the main insurers in the market disclosing their statistics.

“This matters because there is a lot of uncertainty about claims being paid especially following the PPI scandal.”

As an adviser working with the public, Mcloughlin said he was sure that the figures would reassure the public.

He added: “I am pleased that the industry has embarked on what is a really worthwhile initiative.”

Friends Life’s announcement last week followed the recent claims paid rate pronouncements by Aegon, Scottish Provident/Bright Grey and Zurich.

Clive Waller, the co-chairman of IPTF, said: “We are currently working with a range of consumer bodies on a charter for the IP industry and the message they keep giving us is that trust needs to be built between the insurers and the public. The figures released are encouragingly high and suggest that the vast majority of claims proceed without a problem. This news will encourage people to look more seriously at what is a vital product for so many.”

The IPTF are proposing to release a paper later this year looking at overcoming the key obstacles to writing individual income protection.

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