Critical Illness Claims Analysis for an Insurance Provider
Post date: December 30th, 2009 |
Find the cheapest auto insurance providers online Enter your ZIP Code to start comparing instant quotes. |
Looking more deeply at the cancer claims, the most common causes of male cancer claims were testicular (10%), Hodgkin’s/Lymphoma (10%) and Lung (10%) and for females it was breast (53%), ovarian (5%) and cervical (5%).
47 years, is the average of a male claimantr, whereas the female has an average age of 44 years.. Policies were held for an average of 4 years and 11 months before a claim was made.
Richard Jones, protection market director at Scottish Widows, said:
“The need for financial protection for both the family and business has never been greater, especially with more families relying on two incomes and the increase in the number of people who are self employed. However lack of consumer confidence is contributing to people failing to take out the valuable protection that they and their dependants need.”
Through publishing its claims history, Scottish Widows illustrates that most crtical cover claims are paid and highlights the reasons why some claims are declined. Of the claims received for the 12 months from October 2006 to October 2007, 5% have been refused because the customer failed to inform about material information when the policy was taken out. A further 9% of claims were unsuccessful because the reason for making the claim was not covered by the policy definition. For the second consecutive year Scottish Widows has increased the proportion of successful claims.
Results from Scottish Widows show the firm paid over million in critical illness cover claims between November 2007 and October 2008.
On average, just over 0,000 was paid out each week, while just two per cent of claims were turned down because of non-disclosure, down from 5 % the previous year.
For the third year in a row the number of claims turned down because of non-disclosure has been reduced. The number of claims fell because they weren’t covered by policy was 10%.
Scottish Widows has announced that it paid 86% of the critical illness (CI) claims it received in 2007 – up from 84% the previous year.
This was equivalent to a payout of over m for 847 CI claims.
Of those that were declined, 5% were declined due to non-disclosure – down from 8.4% the previous year – and 9% were declined for failing to meet the policy definition.
The common causes of claim were stroke, cancer, heart-related conditions, multiple sclerosis and children’s cover.
The average age of a female claimant was 44 years and a male claimant 47 years. Policies were held for just under 5 years before a claim was made.
The average age of a female claimant is 44 years, and the average age of a male claimant is 47 years. An average policy is held for nearly 5 years before a claim was made.There has never been a better time to get a critical illness quote.