Life Insurance  

Holloway Friendly pays 98% of claims

Holloway Friendly pays 98% of claims

Holloway Friendly has paid out on 98 per cent of claims in 2018, an increase of 2 per cent when compared with the previous year, latest figures have shown.

The mutual stated improvements to processes over the past couple of years had contributed to achieving the claims figure, including the removal of traditional claim forms and the implementation of e-signatures to support faster claims payment.

However, the figure was down on the second quarter of 2018, when the mutual had paid out on 100 per cent of claims made.

Suzy Esson, head of operations at Holloway Friendly, said: "Our claims team have outdone themselves and constantly review the way income protection claims are assessed to break down barriers of traditional claim assessment and enable decisions to be reached in just hours, instead of weeks.

"This means our members receive payments without hassle and can focus on getting better, without the burden of financial worry."

Stuart Traghein, chief executive of Holloway Friendly, said the company had been determined to better its service at the end of 2017, and considers this has now been achieved.

He said: "We are absolutely delighted with this year’s claims figure as it can give our members confidence in the plans they have purchased to protect their most valuable asset – their income and lifestyle.

"We exist purely to help our members at their time of need, when they are unable to work due to illness or injury, so these monumental strides in service and support will continue as we head into 2019."

The mutual was founded in 1880 by George Holloway, who was once the MP for Stroud.

Holloway Friendly has been an active voice in the quest to improve consumer trust in the insurance industry, campaigning for better standardisation on claims reporting across the board.

Last year, Phil Hull, proposition and portals manager at Holloway Friendly, told FTAdviser the industry needed to "go further" to make the claims process "fairer, quicker, easier and more transparent for existing clients".

A couple of months later, the Association of British Insurers, together with Group Risk Development, changed how it measured the percentage of claims paid for individual income protection products, so it reflects only new claims received during the year, both paid and declined.