Communicating the realities of claims payout rates

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Communicating the realities of claims payout rates

Protection sales still face uphill battle due to public misconception of payout rates, Drewberry Insurance's Tom Conner writes about his firm's recent consumer campaign.

According to new data we've gathered at Drewberry Insurance, there is still a significant gap between the proportion of claims consumers think insurers pay out on and the actual figures provided by the Association of British Insurers (ABI), which reveal a payout rate across life insurance, income protection and critical illness cover of 97.2% in 2015. Needless to say, the lack of consumer confidence in the industry is troubling. All the while the problem persists, protection providers will continue...

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