Capita Financial Software (CFSL), has introduced a new ‘Total Claims Paid' feature in its Fusion:Synaptic Research software, providing advisers with the latest IP disclosure statistics.
Providers also have the opportunity to add comments to their statistics.
The adviser software provider, said the feature was added following the trend in providers submitting IP claims to the market, with Friend's Life's being the latest.
Ellen Ashcroft, head of research at CFSL said: "With the emergence of Friends Life coming to the table, as well as Scot Provident and Zurich, we thought it necessary to publish all the stats, so our Adviser clients can include it when researching IP contracts."
"Now advisers can see which provider pays most claims and why.
"We hope this will also encourage providers to add additional comments for clarification so the information is as comprehensive as possible."
The new parameters include:
• the percentages of claims paid,
• percentage declined due to non-disclosure or other reasons,
• average age and gender of claimants,
• average payment per claim,
• a breakdown of conditions causing claims.
• additional comments; allowing providers to explain their individual stats.