Increase claims paid during 2011
Holloway Friendly increases claims paid during 2011
Figures released today show that 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.
A positive was that no claims were denied due to non-disclosure, which demonstrates the benefits of Holloway Friendly’s move to Big T telephone-interviewing in 2010 and the society’s continued underwriting developments.
Mat Manser, Sales & Marketing Director for Holloway Friendly says, “Holloway Friendly has an exceptionally high pay out rate on claims which improves every year, showing that we continue to support our members when they need us the most, be it in paid claims or by meeting their changing needs with continually evolving products and services.
“However, we are concerned by the number of clients we were unable to pay out to due to changes since inception, we believe this is a big opportunity for advisers to review their cases regularly and get in touch with their clients, so that these figures are reduced and we can continue to increase the percentage of claims we pay out.”
