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Insurer pays out 97% of claims

Insurer pays out 97% of claims

Health cash plan provider Health Shield paid 97.4 per cent of all claims made during 2014, Jonathan Burton has said.

“People must be able to trust that insurance policies will pay out when they expect them to, and these figures continue to prove that the overwhelming majority of claims are being paid,” the chief executive said.

The insurer said it paid 446,268 claims during 2014, and has paid 1.3m claims over the past three years.

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According to the firm’s data, the most common claims were dental, making up 32 per cent, combined physiotherapy, 22 per cent, and optical, 19 per cent – totalling 74 per cent of all claims.

Mr Burton said that by sharing its data, the firm hoped to demonstrate not only the firm’s commitment to paying claims, but also re-assure intermediaries, employers and members that cash plans provided an invaluable benefit for managing everyday health.

Adviser View

Roy McLoughlin, partner for London-based Master Adviser Financial Planners, said: “Publishing claims data is essential for reassuring clients that claims are paid. It brings transparency to the industry and is of great benefit to advisers when discussing clients’ needs.

“When providers such as Health Shield can show they consistently pay a high level of claims it means advisers can recommend their products with confidence.”

Email: jonny.paul@ft.com