18 Jan Are you protected against Income Protection Claims?
Following on from the onslaught of Coronavirus many of our clients have seen an increase in sales of Income Protection policies during the pandemic and even though these have been amended to exclude this disease, a subsequent 3-fold upturn in claims received has been noted. Whilst some of these are declined based on the new exclusion the majority are considered to fit within the policy criteria.
It would therefore seem that more people have become aware of the importance of income protection insurance due to it providing the financial support needed if individuals are unable to work due to an illness or injury.
From historical statistics published by a number of sources, it is noted that on average they paid out on 93.2% of claims and, according to ABI figures, it is suggested that insurers paid out on 27,275 claims 87.2% were in respect of new claims paid. A total of £669,397 was paid with the average pay-out total being £20,425.41.
With there being an increase in the number of policies sold and subsequently the number of claims made then we see this as an opportunity for individuals to make either opportunistic or purposeful fraudulent claims.
To assist in validating the genuine claims and identifying and assisting in the rejection of fraudulent ones our highly committed Desktop Investigation Team have a number of cost-effective processes to help reduce financial leakage due to fraud.
Throughout 2021 our Desktop Investigation Team have assisted our clients in savings giving them an average return of investment of £350%.
Should you be interested in our Income Protection investigation solutions, or any other services we may offer, then please feel free to contact us.
Author: Jamie Lankey