Total claims paid by MetLife UK’s MultiProtect hits record £8.6m

Michael Lloyd

February 19, 2019

MetLife UK paid a protection claim every hour last year, paying out a record of £8.6m in total paid in accident and health claims in 2018, 22% higher than the previous year.

Plus customer satisfaction scores rose to 96% from 94% despite having seen an increase in the volume of claims.

Richard Horner, head of individual protection, MetLife UK said: “Customers only really value individual protection when they need to make a claim and it is crucial that claims are handled efficiently and with sympathy.

“The record payout and rising customer satisfaction score underlines the success of our claims team in ensuring we maintain high standards of service so that advisers and their clients can be confident their policies will protect them against everyday risks.”

MetLife’s MultiProtect accident and hospital cover product, which complements traditional protection policies, enables individuals and families to access affordable and flexible financial protection that meets everyday risks.

Some 44% of accident and health claims paid were for broken bones and 21% for hospitalisation covering payouts for children.

In total, more than 11,400 accident and health claims were paid in 2018 and MetLife’s paid claim rate increased, with a 91% acceptance rate.

Some 24% of all customers who have claimed have made more than one claim and 63% of claims are from customers who have held their policy for two or more years.

MetLife’s research among advisers showed more than half (51%) of the clients are reluctant to buy individual protection because they are concerned about claims records, while 56% said clients do not believe the current range of products is relevant to their everyday lives.

MultiProtect offers cover for between £8 and £40 a month and does not require medical underwriting, with customers being able to get covered in under four minutes.

Families can add optional cover for children up to the age of 23 in full-time education from £1 extra per month and if both parents select the cover they can protect children twice.

Maximum payouts are up to £250 a day for UK hospital stays; £3,750 for broken bones; £250,000 for total permanent disability; and £200,000 for accidental death. Customers can take out a policy from age 18 up to their 60th birthday and cover will continue until they reach 70.

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