We all like to think we’re invincible, but the reality is everyone gets ill.
This reality becomes even more evident with every income protection claim we receive. Each claim is a member and potentially a family, turning to us for support in a moment of need.
In 2019 we paid 91% of all new income protection claims we received from our members. Behind this percentage are more than 1,300 members, receiving an average of £3,920 per claim.
The main reasons for claim were accidents, injuries and musculoskeletal conditions which accounted for over 60% of all claims. Mental health conditions and infections, such as coughs and colds, accounted for a further 18%.
Where we couldn’t pay
The main reason for not paying a claim in 2019 was due to misrepresentation, where questions had not been answered correctly at the point of application leading to a different underwriting outcome.
Not paying a claim is an outcome we would all like to avoid. It is therefore important to encourage applicants to answer all questions accurately allowing us to provide even more positive outcomes for members when they claim.
Enhancing our service
In 2019 we further enhanced the service we provide through the introduction of a new online claim service. This gives us the ability to issue digital claim forms to members, reducing the time it takes for them to complete and return information about their claim.
With 50% of digital claim forms being fully completed and returned by members within 48 hours, we can assess claims in a faster, more efficient way.
More than just a benefit payment
Having an income protection policy with The Exeter is about more than receiving a benefit payment in the event of a claim. It’s also about having timely access to support services to help members manage their physical and mental wellbeing, aid their recovery and where possible, help them return to work.
In 2019, our income protection members accessed valuable support via HealthWise, our member benefits app for reasons including migraines, infections, muscle tears and depression.
Each of these conditions could become worse if left untreated, however with HealthWise our members have quick and convenient access to medical experts at the tap of an app. The services provided are free, available to a member and their immediate family and are accessible from the start of their policy – not just at the point of claim.
Demonstrating the need for income protection to those who don’t have it can be challenging, but our 2019 claim statistics provide more than 1,300 reasons why it could be invaluable. View our full 2019 claims report here.
To find out more about income protection from The Exeter why not book a 20-minute online product briefing with one of our adviser account managers.