VitalityLife paid out a record £56.3m in claims during 2018, with 99.8% of life, 97.8% of income protection and 91.2% of serious illness cover claims paid.
In total 1,417 claims were paid across all products.
The protection provider also gave back more than £81m to members through a range of benefits and rewards, such as discounted health screens and gym memberships, and activity devices, coffees and Amazon Prime membership.
Deepak Jobanputra (pictured), deputy CEO at VitalityLife, said the report demonstrates how shared value operates in a life insurance context, and highlights the comprehensive cover, benefits and rewards enjoyed by members.
Emma Walker, LifeSearch’s chief marketing officer, said for the industry to move forward claims reports need to be about much more than percentages, adding that “reports like this from Vitality are a good step in the right direction.”
The report shows 7% of serious illness cover claims paid in 2018 were for conditions that are unique to Vitality.
In addition, 85% of life cover claims were for members aged 50 years and over, whereas 76% of serious illness cover claims and 90% of income protection claims were for members under the age of 50.