Advisers researching protection claims data on behalf of their clients could benefit from the updated F&TRC research tool, Ian McKenna has said.
The managing director of the financial services research firm said new and updated protection claims data had now been put on its research platform, advisersoftware.com, which is provided to intermediaries free of charge.
Originally launched in 2013, the tool compiles claims data for life cover, critical illness cover and income protection from leading protection insurers.
With the updated data, advisers can review collective claims information up to the end of 2013. This includes insurers’ paid claims – ranging from 89 per cent to 99 per cent – and average claimant ages, with the youngest being just 18.
According to Mr McKenna, all the 2014 data will also be added as it becomes available throughout the year.
He said: “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 forma, that will help clients understand the need for protection.”
Adviser view
Emma Thomson, life office relationship director for London-based LifeSearch, said: “Publishing claims statistics is vital to dispel the myth that protection policies do not pay out. F&TRC’s claims tool is a valuable resource in making it easier to understand claims by providing detailed information.”
