British Friendly has released its first annual claims report, providing a more detailed analysis of the mutual’s income protection (IP) claims data, member experience and background on its claims strategy and philosophy.
The society began recording its claims data in 2005, and over the 13 years to the end of 2018 it has paid 96.2% of all IP claims received.
More than one in 10 (11%) of its claimants is under 30 and the average age of all its members who were claiming is 46.
The average age of members who claimed for cancer (52), a heart attack (52) or a stroke (55) is in their early-mid 50s.
The report also shows there is an average of 525 days from taking out a policy to making a claim.
The average length of a claim is 110 days and nearly half (48%) of claims are made within a year of taking out the cover.
Andy Parker (pictured), underwriting and claims director at British Friendly, said the mutual wants to bring IP cover to life and provide financial, practical and emotional support to more people, when it is needed most.
“We believe the detailed claims analysis in this our first and future annual claims reports, will help to provide greater transparency and understanding of income protection cover and its real value,” he stated.