Income protection provider Holloway Friendly paid 94% of claims in 2019. Benefits paid totalled £2.4 million, up from £1.5 million in 2018, an increase of 60%.
An overview of the 6% of claims not paid have been made available by Holloway, who are working with Advisers to reduce the number of declined claims going forward.
Stuart Tragheim, Holloway’s CEO said, “We are delighted to have helped 633 Members and their families in 2019. The causes of claim were consistent with our experience in 2018, being accident & injury (36%), musculoskeletal (23%), mental health (12%), surgical procedures (6%) and viral illness (5%).
We aim to pay all claims and are disappointed that we weren’t able to achieve this. Our published claims report details why we have not been able to pay some claims. For example, 25 claims were declined because of non-disclosure. By working closely with Advisers we can improve application quality, reduce non-disclosure and increase Members’ understanding of their income protection plans. These will all help to improve claims being accepted and move us towards achieving 100% claims paid.”
In 2019 Holloway saw a 71% increase in claims due to mental health issues. Earlier this month they launched their new philosophy of a personalised underwriting approach to mental health. This means they hope that more people with existing mental health conditions can access income protection. This is a market leading innovation that could change the whole income protection market and have a wider impact on personal protection offerings.
Last summer Holloway Friendly appointed Stuart Tragheim as its new CEO.
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