Launched in 2013, the tool compiles protection claims data in one place and is available free of charge to advisers who register at www.advisersoftware.com.
It features in-depth claims data for life cover, critical illness cover and income protection from leading protection insurers. Advisers can now review collective claims data up to the end of 2013, including insurers’ paid claims ranging from 89% to 99%, and average claimant ages, with the youngest being just 18. 2014 data will also be added as it becomes available throughout the year.
Emma Thomson, life office relationship director at protection intermediary LifeSearch, said: “Publishing claims statistics is vital to dispel the myth that protection policies don’t pay out. F&TRC’s claims tool is a valuable resource in making it easier to understand claims by providing detailed and unrivalled information.”
F&TRC managing director Ian McKenna, said: “The protection industry has become more transparent when it comes to claims statistics and there is more claims information available here in one place than anywhere else. But that’s only useful if people can use the information simply and efficiently.
“To help advisers get the most out of valuable protection claims data we provide a regularly updated one-stop-shop of information in a simple and consistent format, that will help clients understand the need for protection.”
As well as the overall percentage of claims paid, advisers can research a range of other factors specific to each insurer, including the number of claims paid; the average age of male and female claims; the youngest and oldest age of claimants; the top five most common reasons for claims; a breakdown of why claims were declined and the average time taken to pay claims
Data can be reviewed from Insurers such as Legal & General, Ageas, Aviva, Zurich, PruProtect and more.