Holloway
Friendly paid 96.2% of all income protection claims in 2011, an increase on the
95.5% paid out the previous twelve months.
Of the
3.8% of unpaid cases 67% were due to the increasing number of claimants who
failed to provide the correct medical or financial evidence. Although this was the highest percentage of
unpaid claims, a number were also because clients had not informed Holloway
Friendly that their circumstances had changed since they took out their policy
and had suffered no financial loss.
No claims
were denied due to non-disclosure, which demonstrates the benefits of telephone
interviewing and the society’s continued underwriting developments.
Mat
Manser of Holloway Friendly says, “We have an exceptionally high pay out rate
on claims. This improves every year, showing that we continue to support our
members when they need us the most.”
Income protection insurance news: 15 February 2012
