AegonAug 9 2017

Aegon pays out on 95% of critical illness claims

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Aegon pays out on 95% of critical illness claims
BySimon Allin

Aegon paid out on 95 per cent of individual critical illness claims during the first half of 2017.

The provider also paid out on 98 per cent of life claims during the same period, with both figures matching payout rates for 2016.

It is currently paying 100 per cent of income protection (IP) claims but normally only reports IP statistics on an annual basis.

A spokesperson said this was because the firm deals with low volumes of IP business, meaning a single declined claim could have a significant impact on the overall figure.

Simon Jacobs, head of underwriting and claims at Aegon UK, said: “While we are extremely proud to have maintained the high level of claims payouts reported in 2016 in the first half of 2017, we continue to focus on providing customers with the best experience at point of claim. 

“It’s crucial we get this right every time as this is when customers really see the value of what they’ve invested in, and when they really need support.”

Earlier this year, Aegon launched a key person replacement service for business protection customers and introduced the use of electronic death certificates to avoid delays.

It also signed up to the Protection Distributors Group’s funeral payment pledge to help bereaved families meet the funeral costs of their loved ones.

Roy McLoughlin, associate director at London-based Cavendish Ware, said: “They are very good figures.

"It is imperative that life companies continue to reaffirm to the public that full value claims are paid out. These figures demonstrate that.”