Cirencester Friendly argues for unified claims stats

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Cirencester friendly has called for a standard, industry wide, Claims Statistics format for reporting claims statistics.

On releasing data that the society paid 94.3% of claims in 2011, chief executive Paul Hudson said this would send a "strong and positive message" to IFAs and consumers from the industry which demonstrates openness and fairness.

He added:"The measure of any protection product is its performance at claim. Whilst many providers release percentage figures in the 90's it is not until you look in to the detail that the true meaning of those figures can be determined.

"Our Claims Card clearly demonstrates how we arrive at the ‘headline figure' of 94.3% and provides detailed information that helps IFAs educate their clients on our claims process.

"A unified industry wide Claims Statistics format would provide a true benchmark for both IFAs and consumers to compare products and make informed decisions when it comes to selecting income protection insurance.

"We believe that the way we produce and release our Claim Statistics achieves this and call for other providers to follow suit."

 

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