Jeff Prestridge  

We need to boost insurance take-up

Jeff Prestridge

Jeff Prestridge

These include greater detail included in the claims data released.

For example, a thorough breakdown of the reasons for why claims have been declined, if possible, illustrated with specific examples.

Also, claims data published in a way that will captivate readers – using infographics and maybe brought to life with case studies of people (real people, not made-up people) who have made successful claims.

And of course, such data to be published promptly – not lethargically six months after the year end.

All this is easily achievable and indeed some insurers have already stepped up to the mark.

Last year, Zurich made a good fist of publishing its 2018 claims data that came complete with a case study and some reassuring words from its head of retail protection: “We’re here to support our customers when they need it.”

Although the data took until May to become public, it seems that Zurich has got its act together more swiftly this year.

Some of the issues that the charter wants to tackle are more challenging, for example, standardising what constitutes a ‘claim’, providing data on the average time it takes for insurers to pay up, and giving details on acceptance rates and the percentage of policies sold with ‘loaded’ premiums.

Ambitious, of course, but as James Daley, managing director of Fairer Finance, says: “It’s in everyone’s interest that the protection insurance industry standardises the way claims data is reported.

“With more trusted and comprehensive data, the hope is that trust in this crucial financial product area will increase, leading to more families buying the cover they need.”

Hear, hear Mr Daley. Time for protection insurers to rise to the challenge.

Jeff Prestridge is personal finance editor of The Mail on Sunday