Research specialist F&TRC has updated its website by publishing new protection data, which will allow advisers to review payout rates and other information related to claims up to the end of 2013.
The tool was originally launched in 2013 and comprises what F&TRC describes as “an unparalleled level of protection claims data in one place”, with in-depth claims data for life cover, critical illness cover and income protection featured within it.
F&TRC said that advisers can now review collective claims data up to the end of 2013, which includes insurers’ paid claims ranging from 89 per cent to 99 per cent, and average claimant ages, with the youngest being 18 years old.
Advisers can also research a range of other factors alongside the overall percentage of claims paid, including the average age of male and female claims, the top five most common reasons for claims, a breakdown of why claims were declined and the average time taken to pay claims.
The firm said that 2014 data will be added as it becomes available throughout the year. The data shown in the tool can be reviewed from insurers such as Legal and General, Ageas, Aviva, Zurich and Vitality Life.
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.”
Ian McKenna, F&TRC’s managing director, 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.”
ruth.gillbe@ft.com
