Friendly Society Claims Record Good
22 May 2008
For immediate release: 21 May 2008
95% of income protection (Holloway) claims paid by Friendly Societies - includes D&G results
Members of the Association of Friendly Societies who offer the Holloway (income protection) product have today published claims rates for 2007. Aggregate data from six providers indicates that 95% of claims were paid in the year.
Martin Shaw, General Secretary of the Association of Friendly Societies commented:
“This is a first for the income protection industry, and we believe this information is vital for consumers and advisers, in helping them to make an informed choice when purchasing income protection cover. The results reflect both the transparency of friendly societies as well as their commitment to supporting their members at a time of need.
“But as well as working actively to pay every claim we can, we not complacent about members whose claim is not paid. We would like to remind customers and their IFAs to make full disclosure at the time of application, and to regularly keep their cover under review. It is also important that a member making a claim contacts their provider as early as they can, and provides the relevant information as quickly as they can.”
Martin Shaw added: “Holloway providers also had an outstanding year for new business in 2007, with new sales up 38%, which bucked the trend in the Income Protection market generally. I think this shows that advisers and the public recognise that the Holloway income protection providers are providing great products and great service, and today’s claims statistics will only enhance the reputation of Holloway friendly societies.”
