Insurance – Money Marketing https://www.moneymarketing.co.uk Wed, 04 Dec 2024 16:27:13 +0000 en-GB hourly 1 https://wordpress.org/?v=6.2.2 <link>https://www.moneymarketing.co.uk</link> </image> <item> <title>Sharp rise in farmers seeking life cover after IHT changes https://www.moneymarketing.co.uk/sharp-rise-in-farmers-seeking-life-cover-after-iht-changes/ https://www.moneymarketing.co.uk/sharp-rise-in-farmers-seeking-life-cover-after-iht-changes/#respond Thu, 05 Dec 2024 07:00:28 +0000 https://www.moneymarketing.co.uk/news/?p=691185 A growing number of farmers are looking for life-insurance products after the Government introduced changes to the inheritance tax (IHT) rules. The revelation was made today (4 December) by life-insurance broker Reassured, who reported a sharp rise in the number of farmers enquiring about life-insurance covers. Reassured said that Google trends show life insurance keywords […]

The post Sharp rise in farmers seeking life cover after IHT changes appeared first on Money Marketing.

]]>
A growing number of farmers are looking for life-insurance products after the Government introduced changes to the inheritance tax (IHT) rules.

The revelation was made today (4 December) by life-insurance broker Reassured, who reported a sharp rise in the number of farmers enquiring about life-insurance covers.

Reassured said that Google trends show life insurance keywords relating to farmers have increased since the Budget announcement.

It reported a 43% increase in the number of enquires that cite inheritance tax as the main reason they are seeking out life-insurance cover.

The government announced IHT changes in the autumn Budget that will affect farmers who had previously been exempt from inheritance tax.

Under the new rules, which come into effect from April 2026, inherited agricultural assets worth more than £1m will be taxed at 20%.

Farmers reacted furiously to the changes and last month staged a protest in Westminster.

They argued that while they are asset rich – in terms of their land and livestock – they don’t generate much revenue and that they would have to sell up to be able to pay the tax.

However, farmers are looking at other options, including insurance and gifting, to pass on their family assets to the next generation.

Reassured chief executive officer Mark Townsend said: “Many British farmers are clearly very anxious about the financial hit they will face if the farms they inherit are taxed at 20%.

“We’ve noted a sharp rise in the number of farmers who are looking for life-insurance products as a buffer against this incoming tax rise. Life insurance can help to offset inheritance tax and our advised arm of our business can assist farmers who are looking to explore this option.”

The post Sharp rise in farmers seeking life cover after IHT changes appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/sharp-rise-in-farmers-seeking-life-cover-after-iht-changes/feed/ 0 Aerial View Of Tractor Plowing Field featured Canada Life appoints two board directors https://www.moneymarketing.co.uk/canada-life-appoints-two-board-directors/ https://www.moneymarketing.co.uk/canada-life-appoints-two-board-directors/#respond Wed, 04 Dec 2024 10:48:27 +0000 https://www.moneymarketing.co.uk/news/?p=691133 Canada Life has appointed Andy Parsons and Jake Lawrence to its board as non-executive directors. Parsons and Lawrence bring significant industry expertise and will support Canada Life’s long-term strategic plans to transform and modernise its UK business. Parsons has held senior positions such as finance director within businesses including Just Group, LV=, Scottish Widows, Friends […]

The post Canada Life appoints two board directors appeared first on Money Marketing.

]]>
Canada Life has appointed Andy Parsons and Jake Lawrence to its board as non-executive directors.

Parsons and Lawrence bring significant industry expertise and will support Canada Life’s long-term strategic plans to transform and modernise its UK business.

Parsons has held senior positions such as finance director within businesses including Just Group, LV=, Scottish Widows, Friends Life and AXA UK.

Lawrence joins the board as a non-executive director in his role as executive vice-president and chief financial officer of Power Corporation and Power Financial.

He has previously held various senior positions in finance, group treasury and global banking and markets in both Canada and the United States during his two decades working at Scotiabank.

Both appointments were effective from 20 November. Lawrence’s appointment is subject to regulatory approval.

They join Keith Abercromby, Marcia Campbell, Sylvia Cronin, David Harney, Paul Mahon, Susan McArthur, Lindsey Rix-Broom, Siim Vanaselja and Andy Watson as Canada Life Limited board directors.

Canada Life is part of a group of companies controlled by Great-West Lifeco Inc.

The international financial services holding company is headquartered in Canada, with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

Chair of Canada Life Limited Board, Andy Watson, said: “I am delighted to welcome two new members to Canada Life Limited’s Board, both of whom bring significant business and industry experience.

“Their appointments further strengthen Canada Life’s highly experienced and international group of directors as we continue to execute Canada Life UK’s long-term strategy to grow, transform and modernise the business.”

The post Canada Life appoints two board directors appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/canada-life-appoints-two-board-directors/feed/ 0 JakeLawrence- Headshot featured
FCA records 40% rise in complaints about non-financial misconduct https://www.moneymarketing.co.uk/fca-records-40-rise-in-complaints-about-non-financial-misconduct/ https://www.moneymarketing.co.uk/fca-records-40-rise-in-complaints-about-non-financial-misconduct/#comments Fri, 25 Oct 2024 08:23:35 +0000 https://www.moneymarketing.co.uk/news/?p=688376 The Financial Conduct Authority has recorded a 40% increase in non-financial misconduct complaints including bullying, sexual harassment and discrimination last year. The findings are from the FCA’s survey, which looks at how investment banks, brokers and wholesale insurance firms record and manage allegations of non-financial misconduct. The survey of over 1,000 firms found that the […]

The post FCA records 40% rise in complaints about non-financial misconduct appeared first on Money Marketing.

]]>
The Financial Conduct Authority has recorded a 40% increase in non-financial misconduct complaints including bullying, sexual harassment and discrimination last year.

The findings are from the FCA’s survey, which looks at how investment banks, brokers and wholesale insurance firms record and manage allegations of non-financial misconduct.

The survey of over 1,000 firms found that the number of allegations reported increased between 2021 and 2023.

Firms reported 1,363 incidents in 2021, another 1,670 in 2022, and a further rise in complaints to 2,347 in 2023.

In the three years covered by the survey, bullying and harassment (26%) and discrimination (23%) were the most recorded concerns.

However, the large ‘other’ group of concerns (41%) indicates how difficult it can be to categorise issues of personal misconduct.

The FCA found that a variety of mechanisms through which firms identified concerns. Some firms were using their internal systems to identify potential issues, although formal processes and whistleblowing were the most prevalent methods of detection.

When the survey launched, the FCA was clear that it was likely that data could be read in different ways. It said a high number of complaints could be an indicator of a healthy culture in which people feel they can speak up, confident they will be listened to. A low reporting rate may indicate the opposite.

The FCA said the findings, published today (25 October), are being shared to enable firms to benchmark their own reporting against this peer analysis and consider if their processes for reporting and investigating possible non-financial misconduct remain appropriate.

It added that trade associations will play a key role in coordinating industry-wide analysis and actions.

The FCA expects that stakeholders from other sectors of the economy, or with an interest in workplace culture, may find this data useful.

The regulator’s executive director of markets and international, Sarah Pritchard, said: “We want this data to support financial firms by providing their management teams and boards with an opportunity to consider if they stand out, and, if so, why that might be.

“The data requires context and careful interpretation. But in being transparent we hope financial firms can benchmark themselves against their peers.

“Healthy workplace cultures are essential across all the markets we regulate – where non-financial misconduct is allowed to persist it can undermine trust and confidence, and create a culture where wrongdoing goes unchallenged, causing harm.”

The Chartered Insurance Institute (CII) has responded to the FCA’s survey, saying it identifies numerous cases that have the potential to undermine societal trust in the insurance profession.

Chief executive of the CII, Matthew Hill, said: The FCA’s survey results make for uncomfortable reading, but equally highlight an opportunity for our professions to make a real difference.

The CII supports what the regulator is seeking to achieve, professions in which everyone can thrive, regardless of their background, and workplaces that are conducive to professional success by eliminating conduct and behaviours that can stifle, harm and obstruct careers.”

The post FCA records 40% rise in complaints about non-financial misconduct appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/fca-records-40-rise-in-complaints-about-non-financial-misconduct/feed/ 3 MAY 2021 - Skyscrapers in City of London featured
FOS sees 40% rise in complaints https://www.moneymarketing.co.uk/financial-complaints-to-ombudsman-up-by-over-40/ https://www.moneymarketing.co.uk/financial-complaints-to-ombudsman-up-by-over-40/#comments Thu, 24 Oct 2024 11:45:09 +0000 https://www.moneymarketing.co.uk/news/?p=688317 The Financial Ombudsman Service has said the number of financial complaints received in the first half of 2024 rose by over 40%. FOS received a total of 133,019 complaints between 1 January and 30 June, compared to 93,114 in the same period last year. The complaints were made against 242 businesses including banks, insurance and […]

The post FOS sees 40% rise in complaints appeared first on Money Marketing.

]]>
The Financial Ombudsman Service has said the number of financial complaints received in the first half of 2024 rose by over 40%.

FOS received a total of 133,019 complaints between 1 January and 30 June, compared to 93,114 in the same period last year.

The complaints were made against 242 businesses including banks, insurance and investment firms.

Banking continues to top the tables, with 101,031 banking and credit complaints registered in the first six months of 2024.

These include disputes about credit cards, unaffordable lending and car finance, as well as fraud and scams.

FOS said over half of all banking and credit complaints were brought by professional representatives.

Other sectors that received a large number of complaints include general insurance/pure protection (22,489), decumulation life and pension (3,369), and investments (2,305).

FOS upheld 35% of complaints in favour of the consumer, compared to 37% in the first half of 2023.

FOS chief executive and chief ombudsman, Abby Thomas, said: “Businesses should put consumers at the heart of their service but the high level of complaints we receive shows that’s not always the case.

It’s vital that businesses are open and transparent with their customers, treating them with fairness and understanding.

“While professional representatives have an important role to play, they must ensure that their cases are well evidenced and have merit.

“If people don’t feel they’ve been treated fairly by their financial provider, they can come directly to our service and we’ll see if we can help.”

Lead consultant at wealth management consultancy firm Simplify Consulting, Dom House, described the complaints data as “extremely disappointing”.

“Complaint volumes across all FCA-regulated firms have continued to increase over the last 10 years but now, around 18 months into the Consumer Duty, it seems the industry is still to move the dial significantly on complaints,” he said.

“Firms should now be looking at their complaints data to understand how they can reverse this trend and consider whether the changes they’ve made for the Consumer Duty have had the impact intended.

“Consumers expectations have been raised as new technology becomes mainstream in the financial services industry, and firms need to get a grip by addressing the imbalance between prevention and cure by focusing on the root cause and prevention of complaints before they are raised.”

The post FOS sees 40% rise in complaints appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/financial-complaints-to-ombudsman-up-by-over-40/feed/ 3 people featured
Reassured and Confused.com partner on life-insurance offering https://www.moneymarketing.co.uk/reassured-and-confused-com-partner-on-life-insurance-offering/ https://www.moneymarketing.co.uk/reassured-and-confused-com-partner-on-life-insurance-offering/#respond Wed, 02 Oct 2024 11:05:08 +0000 https://www.moneymarketing.co.uk/news/?p=686666 Insurance broker Reassured has partnered with owners of Confused.com, RVU, on life-insurance offering. The partnership offers RVU consumers the ability to compare and switch across a range of utilities and financial services products. It will see RVU brands using Reassured’s services to support customers in comparing life-insurance cover from a wide range of leading insurers, […]

The post Reassured and Confused.com partner on life-insurance offering appeared first on Money Marketing.

]]>
Insurance broker Reassured has partnered with owners of Confused.com, RVU, on life-insurance offering.

The partnership offers RVU consumers the ability to compare and switch across a range of utilities and financial services products.

It will see RVU brands using Reassured’s services to support customers in comparing life-insurance cover from a wide range of leading insurers, both on an advised and non-advised basis.

RVU owns several comparison site brands, including Money.co.uk and Uswitch, and plans to expand further in the life-insurance market.

Reassured is the UK’s largest life-insurance broker and specialises in arranging life insurance for people across the country. It has helped protect over 1.5 million families over the last 15 years.

Mark Townsend, Reassured chief executive, said: “The RVU brands are huge household names in our industry, and we are delighted that they have chosen Reassured to power its life-insurance offering.

“Now, customers of Confused.com, Money.co.uk and Uswitch can utilise our digital and offline expertise to get the life-insurance cover they need. This deal is a win-win for both RVU and Reassured, and we look forward to working alongside such an established and well-respected company for many years to come.”

Steve Dukes, Confused.com chief executive, added: “Reassured’s commitment to being a consumer-focused organisation was a big attraction for us, as well as their deep expertise in the sector.

“Giving our customers the best experience is at the very core of what we do. And with this partnership, we’re able to utilise Reassured’s expertise alongside our own experience in the industry to help our customers get the right cover for their needs.”

The post Reassured and Confused.com partner on life-insurance offering appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/reassured-and-confused-com-partner-on-life-insurance-offering/feed/ 0 Headshots-Mark-Townsend featured
Emma Thomson: Protection for a rainy day https://www.moneymarketing.co.uk/emma-thomson/ https://www.moneymarketing.co.uk/emma-thomson/#respond Fri, 06 Sep 2024 10:00:22 +0000 https://www.moneymarketing.co.uk/news/?p=684267 All this rain we’ve had lately has reminded me of the old saying about putting money away for a rainy day. But how much saving is really happening for that supposed rainy day? And would savings really be sufficient? While having money set aside for emergencies is prudent, we know too few consumers are saving […]

The post Emma Thomson: Protection for a rainy day appeared first on Money Marketing.

]]>
EMAP Emma Thomson Sketch
Illustration by Dan Murrell

All this rain we’ve had lately has reminded me of the old saying about putting money away for a rainy day. But how much saving is really happening for that supposed rainy day? And would savings really be sufficient?

While having money set aside for emergencies is prudent, we know too few consumers are saving enough. But I doubt you’ll find many consumers who don’t understand the concept and benefits of savings, even though they may not be doing it.

But there is an alternative to savings for key emergencies: insurance. Again, most consumers will be familiar with home insurance, car insurance plus insurances for phones, electrical goods and much-loved pets.

Protection insurance, though, remains something too few consumers are aware of or properly understand, so not enough buy it. Engaging with consumers, particularly younger ones, remains a key challenge for our market.

Advisers have such an important role to play in educating consumers about protection. Protection specialists can only do so much though. There’s a huge opportunity for other advisers, such as mortgage experts and wealth managers, to increase focus on protection to ensure clients have a financial safety net in place. Yet many still do not, despite the implementation of the Consumer Duty.

Protection insurance remains something too few consumers are aware of or properly understand

I recently heard a former wealth manager say he hardly spoke to clients about protection because they were wealthy and ‘didn’t need it’. Anyone looking up the story about AMT Coffee will see that shareholder protection would have been advantageous, and we’ve recently heard stories about celebrities experiencing financial difficulties that could have been alleviated had protection been in place for loved ones.

The wealthy still need protection. Carefully arranged investments and pensions can go awry if there is no income to support them. Their children can also have protection needs – those Gen Z kids will likely have a requirement for income protection. Get them as a protection client now and they’ll be much more likely to come back when they need advice on investments or pensions. And chances are their parents will be keen to protect that all-important ‘Bank of Mum and Dad’ too.

For mortgage advisers, we know time pressures are a key barrier given the current mortgage market. But there’s still a responsibility to include protection alongside the mortgage advice, even if it’s to refer them to a trusted partner.

For busy advisers, there are time saving options available; Iress and iPipeline’s portals to make it easy to research best value cover, comparing individual plans vs menu options, and UnderwriteMe’s Protection Platform helps advisers place business without the need to do underwriting research with every individual insurer.

In addition, there are application delegate routes and tele-interviewing offered by insurers such as Zurich and British Friendly respectively, which avoid the need for the adviser to go through applications with clients themselves.

Over 70% of applicants for protection insurance are accepted without the need for additional evidence

There’s no denying that the protection journey is not always straightforward, but we should remember that over 70% of applicants are accepted without the need for additional evidence. Insurers also offer training to help advisers understand the protection process to reduce blockers, and the PDG are currently co-hosting a series of webinars with UnderwriteMe to increase advisers’ underwriting knowledge to help get clients covered more easily.

Insurers have been working hard to reduce some of the barriers such as accepting electronic patient records in place of General Practitioners Reports. This is positive, but more needs to be done to help consumers access cover faster and minimise underwriting delays, such as Royal London’s UnderwriteLater initiative. We’d welcome more of these developments to help both customers and advisers, and are encouraging insurers to explore what else can be implemented to underwrite clients more efficiently.

So what’s best for that rainy day emergency? While consumers should of course be encouraged to save what they can, our market needs to collectively ensure people have protection insurance in place for when a real downpour happens.

Emma Thomson is Protection Distributors Group member and chair of Women in Protection Network

The post Emma Thomson: Protection for a rainy day appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/emma-thomson/feed/ 0 EMAP Emma Thomson Sketch featured
Alan Lakey: The role of gender in critical-illness claims https://www.moneymarketing.co.uk/684002-2/ https://www.moneymarketing.co.uk/684002-2/#comments Thu, 29 Aug 2024 10:00:48 +0000 https://www.moneymarketing.co.uk/news/?p=684002 It was 20 years ago today. No, not when Sergeant Pepper taught the band to play – that was 1967. I’m referring to the year when insurers began releasing statistics around critical-illness claims. Back in 2004, the declinature rates were scary, with Aegon rejecting 28% of claims and Aviva 26%. The figures were unacceptable and […]

The post Alan Lakey: The role of gender in critical-illness claims appeared first on Money Marketing.

]]>
Alan Lakey sketch
Alan Lakey – Illustration by Dan Murrell

It was 20 years ago today. No, not when Sergeant Pepper taught the band to play – that was 1967. I’m referring to the year when insurers began releasing statistics around critical-illness claims.

Back in 2004, the declinature rates were scary, with Aegon rejecting 28% of claims and Aviva 26%. The figures were unacceptable and a stain on the face of the protection industry. The BBC’s Panorama devoted a whole programme to the problem and the representative from the Association of British Insurers (ABI) sat uncomfortably as a litany of examples and statistics were unveiled. This bad PR, picked up by the financial press, dissuaded many from taking out a valuable protection plan.

Thankfully, this public embarrassment galvanised the industry into a rethink and all insurers, albeit some grudgingly, opened their claims-statistics doors. This new transparency also had the effect of reducing the percentages of declined claims, with the 2008 figures showing Aegon rejecting 9% and Aviva 10% –  figures not too different from today’s declinature rate of around 8%.

So far so good. But the question I’m posing is what exactly is it that insurers are attempting to show to both advisers and the public?  The annual claims announcements tend to focus on the percentages of claims paid, the total financial sums paid and the three or four main causes of a claim.

What many do not realise is how statistics hide major disparities between the sexes

While this is useful as top-down information, these figures in isolation actually serve to misinform because the information provided is missing an important ingredient. An ingredient that informs advisers and consumers alike. An ingredient that advisers are able use to their advantage when assessing which plan to recommend. An ingredient that assists in promoting the use of two single-life plans as opposed to a joint-life version.

The ingredient I’m referring to are claims stats that are gender specific.  Most advisers are aware that cancer is the main cause of critical illness claims, with the latest statistics showing that it accounts for between 59% – 68.5% of all paid claims. What many do not realise is how these statistics hide major disparities between the sexes.

The table below focuses on the top six reasons for a paid claim using data supplied by a leading high-volume insurer and serves to emphasise the incongruities.

Joint Male Female
Cancer 58.4% 50.4% 73.6%
Heart attack 9.9% 17.0% 3.5%
Stroke 7.5% 11.3% 4.4%
Multiple sclerosis 3.2% 2.0% 4.7%
Benign brain tumour 2.4% 1.7% 3.4%
Parkinson’s disease 1.3% 2.6% 0.7%

With cancer, we can see that it accounts for almost 75% of all female claims, whereas only 3.5% of female claims relate to heart attack.  Conversely, male cancer claims sit at around 50%, whereas heart attack accounts for almost a fifth (17%) of their claim total – almost five times the total female claims for the same cause.

Multiple sclerosis and benign brain tumours are female-oriented claim conditions, whereas Parkinson’s disease is a male domain with a ratio close to 4:1.

This type of analysis assessing value and outcome is essential in meeting the Consumer Duty requirements

Armed with this knowledge, the adviser is able to select the most appropriate plans for his clients using the knowledge and analysis within sites such as CIExpert. This type of analysis assessing value and outcome is essential in meeting the Consumer Duty requirements, so I call on all insurers to provide this information.

While on the subject of claims information provided, a word or two must be reserved for those insurers providing income protection. There is no clear guidance regarding how to provide this information, with some advising of new claims during the year, others choosing to use all claims being paid (which boosts the percentage figure) and some, like LV=, providing both.

For advisers wishing to instil confidence in the industry, these disparate figures present a major challenge and I would guess that many advisers are not even aware of these differences. This appears to be an area calling out for the ABI to moderate.

Alan Lakey is founder of CI Expert

The post Alan Lakey: The role of gender in critical-illness claims appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/684002-2/feed/ 3 EMAP Alan Lakey Sketch Feb 2024 featured
CII appoints two board members https://www.moneymarketing.co.uk/cii-appoints-two-board-members/ https://www.moneymarketing.co.uk/cii-appoints-two-board-members/#comments Thu, 13 Jun 2024 11:58:41 +0000 https://www.moneymarketing.co.uk/news/?p=680070 The Chartered Insurance Institute (CII) has announced the appointment of two new board members. Dr Desmond Bermingham will join as chair of the Education and Learning Committee (ELC) and Jon Graham as chair of the Audit and Risk Committee (ARC). Both started an initial three-year term on June 3. Bermingham is also chair of the […]

The post CII appoints two board members appeared first on Money Marketing.

]]>
The Chartered Insurance Institute (CII) has announced the appointment of two new board members.

Dr Desmond Bermingham will join as chair of the Education and Learning Committee (ELC) and Jon Graham as chair of the Audit and Risk Committee (ARC).

Both started an initial three-year term on June 3.

Bermingham is also chair of the Independent Technical Advisory Panel for the Global Partnership for Education at the World Bank, and a non-executive director for Greenheart Action.

Previously, he was UK chief executive of the Australian Council for Education Research, director of programmes for the Varkey Foundation, and managing director of the Education Above All Foundation and Educate a Child International.

Graham was managing director of the Chartered Institute of Public Finance and Accountancy.

He was also an adviser to government and sat on the board of the Skills Funding Agency and their audit and risk committee. He is currently the deputy chair of the Audit and Risk Committee of the British Medical Association, and a non-executive director of the Education and Training Foundation.

CII group chair Dr Helen Phillips said: “The CII Group Board warmly welcomes Desmond and Jon, who each bring a wealth of knowledge and experience to their respective positions. We look forward to working alongside them both, as we continue in our pursuit of building public trust in the insurance and financial-planning professions.”

Bermingham added: “It is an honour to join the CII Board and serve the organisation’s membership as Chair of the Education and Learning Committee. The work delivered by the CII to the insurance and financial-planning field is of immense value, and I look forward to making my contribution towards this.”

Graham said: “It is my great pleasure to be appointed as chair of the Audit and Risk Committee. I am delighted to join the CII Board and work alongside the esteemed individuals who deliver opportunity for growth and progress within the insurance sector.”

The post CII appoints two board members appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/cii-appoints-two-board-members/feed/ 1 Businessman making handshake with a businesswoman on futuristic technology connection shape motion blur background with graph and chart rise up.Greeting and dealing business success concepts. featured
AIG Life pays out £394m in protection insurance claims https://www.moneymarketing.co.uk/aig-life-pays-out-394m-in-protection-insurance-claims/ https://www.moneymarketing.co.uk/aig-life-pays-out-394m-in-protection-insurance-claims/#respond Tue, 04 Jun 2024 11:48:27 +0000 https://www.moneymarketing.co.uk/news/?p=679435 AIG Life paid out a record £394m in protection insurance claims to 6,900 customers and their families who were bereaved or ill last year. The UK life-insurance firm said it provided support to more than 5,200 individuals, families and businesses in 2023 by paying 95% of all individual protection claims. It also offered vital support […]

The post AIG Life pays out £394m in protection insurance claims appeared first on Money Marketing.

]]>
AIG Life paid out a record £394m in protection insurance claims to 6,900 customers and their families who were bereaved or ill last year.

The UK life-insurance firm said it provided support to more than 5,200 individuals, families and businesses in 2023 by paying 95% of all individual protection claims.

It also offered vital support through rehabilitation and care services.

The £206m it paid in personal protection claims is up from £204m in 2022, and an 11% increase in the number of claims paid on the previous year.

It means AIG Life helped an extra 500 people and their loved ones after an individual had died, experienced a life-changing illness or when they were too ill to work.

AIG Life, which is now part of Aviva Group, said it paid 99% of individual life-insurance claims, 95% of terminal-illness claims and 95% of critical-illness claims, along with 88% of income-protection claims.

It also paid almost £173,000 to more than 500 families through its unique Claims Support Fund.

This discretionary fund pays up to £500 (increased from £300 in 2023) to cover the extra unexpected costs that families face when they suffer a bereavement or illness, like hospital parking and travel costs, tools to help their recovery such as a treadmill or recliner chair, or even convert a downstairs bathroom into a wet room.

In group protection, £188m was paid in claims to provide more than 1,650 families with financial support after a loved one died, as well as a continued income and rehabilitation services when an employee was too ill to work.

AIG Life chief operating officer, Neil Davies, said: “Every single claim paid is a family or business we’ve helped during one of life’s toughest times.

“The feedback we receive from customers and their beneficiaries when they go through a bereavement or illness tells us that the claims we pay make a real difference.

“This industry really does care about being there for people when they need us most. It’s important we deliver at times like these and we do all we can to help consumers see the humanity of what we do, and the huge value protection offers.”

Life insurance and terminal illness benefit claims

More than £164m was paid out in over 4,400 individual life insurance and terminal-illness benefit claims last year.

Analysis of AIG Life’s claimants found almost a third of people (32%) who died had cancer, while 17% had heart disease and 13% had a respiratory condition.

Almost all (96%) terminal-illness claims were for individuals with cancer, and the youngest person among those was just 22 years old.

Critical illness (including children’s critical illness claims)

AIG Life paid out £38m in critical-illness claims to 617 individuals and families who had experienced a serious or life-changing illness.

A further 73 payments were also made to families whose child had suffered a children’s critical illness, or to families whose young child had died.

Income protection

AIG Life also supported 110 customers who were too ill to work in 2023 by paying over £2m in individual income-protection claims.

Of these, 20% also received additional rehabilitation and recuperation support to help them get back to their best.

A third of people (33%) who received a monthly income protection payout had musculoskeletal challenges, and almost a fifth (19%) were suffering with their mental wellbeing. Cancer was third, amounting to 9% of claims.

The post AIG Life pays out £394m in protection insurance claims appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/aig-life-pays-out-394m-in-protection-insurance-claims/feed/ 0 Health care costs featured
M&G appoints MD of international life-insurance business https://www.moneymarketing.co.uk/mg-appoints-md-of-international-life-insurance-business/ https://www.moneymarketing.co.uk/mg-appoints-md-of-international-life-insurance-business/#respond Tue, 04 Jun 2024 07:22:12 +0000 https://www.moneymarketing.co.uk/news/?p=679347 M&G has announced the appointment of Matt Robinson as managing director of its international life-insurance business. In this newly created role, Robinson will oversee M&G’s life-insurance branches in Ireland and Poland. He will also be responsible for the development and growth of Future+, a family of global multi-asset funds delivering ‘smoothed’ outcomes, “designed to replicate […]

The post M&G appoints MD of international life-insurance business appeared first on Money Marketing.

]]>
M&G has announced the appointment of Matt Robinson as managing director of its international life-insurance business.

In this newly created role, Robinson will oversee M&G’s life-insurance branches in Ireland and Poland.

He will also be responsible for the development and growth of Future+, a family of global multi-asset funds delivering ‘smoothed’ outcomes, “designed to replicate the success of M&G’s flagship PruFund range outside the UK”.

Robinson joins M&G’s Life business, led by M&G CEO Clive Bolton.

The Life business is responsible for the management and development of M&G’s individual life products in the UK, including the company’s flagship PruFund range, as well as the 4.6 million customers of its heritage business.

Through its corporate risk team, M&G re-entered the bulk-purchase annuity market in September 2023 and is developing a range of derisking solutions for the corporate market.

Robinson joined M&G from Embark, a pensions provider that is part of Lloyds Banking Group, where he was MD.

Prior to his role at Embark, he was a non-executive director at Zurich Life & Pensions Ireland and spent over 20 years at Aviva, where he held a number of senior roles both in the UK and Ireland.

Bolton said: “I am delighted to welcome Matt to M&G. He brings a wealth of knowledge and experience with him that will help us build on two of M&G’s key strategic priorities: growing our business outside the UK and further strengthening our partnership with leading global players.

“He’s a great match for our plans to grow the international business and will be key to the development of new innovative solutions that will underpin our growth ambitions.”

Robinson added: “I am thrilled to be joining M&G at such an exciting time. I look forward to developing and growing its international life-insurance business.

“It will be a real privilege to work with the team to continue to deliver an excellent service to clients and drive forward the company’s international growth ambitions.”

The post M&G appoints MD of international life-insurance business appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/mg-appoints-md-of-international-life-insurance-business/feed/ 0 Handshake featured
Aviva records strong growth across group in Q1 https://www.moneymarketing.co.uk/aviva-records-strong-growth-across-group-in-q1/ https://www.moneymarketing.co.uk/aviva-records-strong-growth-across-group-in-q1/#respond Thu, 23 May 2024 11:12:44 +0000 https://www.moneymarketing.co.uk/news/?p=678754 Insurance giant Aviva has recorded strong growth across its businesses in the first half of the year. The group’s wealth, retirement, protection and health, and general insurance businesses all made gains as net flows and sales surged. The wealth arm of the business reported net flows of £2.7bn, up 15% from last year. This represents […]

The post Aviva records strong growth across group in Q1 appeared first on Money Marketing.

]]>
Insurance giant Aviva has recorded strong growth across its businesses in the first half of the year.

The group’s wealth, retirement, protection and health, and general insurance businesses all made gains as net flows and sales surged.

The wealth arm of the business reported net flows of £2.7bn, up 15% from last year. This represents 6% of opening assets under management (AuM).

Aviva said in a trading update today (23 May) that the net flows were on the back of consistent growth in its workplace pension investments and a strong performance in adviser platform.

Aviva’s Workplace, which offers pension schemes for some of the UK’s best-known companies, accrued net flows of £2bn, up 13%.

The business also won 136 new schemes and saw strong increments from the impact of wage inflation on employee contributions.

Platform net flows were up 24% to £0.8bn (Q1 23: £0.7bn).

It also saw record quarter gross inflows on the Adviser Platform, as well as growth in Direct Wealth following the relaunch of the proposition.

Aviva said retirement sales were up 13% to £1.7bn, driven by higher BPA volumes. The group said it maintained strong volumes in individual annuities, where it has seen sustained customer demand.

However, equity release sales were lower than expected, reflecting contraction of the market.

Similar picture emerged in the protection and insurance arm of the business. Aviva said group protection sales were up 15% to £38m while individual protection sales were £37m.

It added that there is continued momentum in its health offering, with double-digit growth in in-force premiums versus the prior year.

Group chief executive Amanda Blanc said: “This is another set of excellent results, extending our track record of consistently strong trading. Our diversified business model is continuing to deliver and we are growing right across the group.

“Aviva is in great health. We are financially strong, we are trading well and our investments in new products and customer service are paying off.

“We have clear competitive advantages – in our brand, our scale and our diverse business – which are driving consistently strong performance and giving us real optimism about 2024.”

The post Aviva records strong growth across group in Q1 appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/aviva-records-strong-growth-across-group-in-q1/feed/ 0 Amanda Blanc featured
Royal London changes underwriting limits for high-net-worth clients   https://www.moneymarketing.co.uk/royal-london-changes-underwriting-limits-for-high-net-worth-clients/ https://www.moneymarketing.co.uk/royal-london-changes-underwriting-limits-for-high-net-worth-clients/#respond Mon, 08 Apr 2024 11:48:46 +0000 https://www.moneymarketing.co.uk/news/?p=676162 Mutual insurer Royal London has introduced changes to its underwriting limits for high-net-worth clients. The firm said the changes, available from today (8 April), focus on enhancing the underwriting journey for advisers and their clients. They include the mutual’s Life Cover (single and joint life first), Life Cover (joint life second death) and Relevant Life […]

The post Royal London changes underwriting limits for high-net-worth clients   appeared first on Money Marketing.

]]>
Mutual insurer Royal London has introduced changes to its underwriting limits for high-net-worth clients.

The firm said the changes, available from today (8 April), focus on enhancing the underwriting journey for advisers and their clients.

They include the mutual’s Life Cover (single and joint life first), Life Cover (joint life second death) and Relevant Life Plan.

The financial evidence for Life Cover has been increased from £2m to £2.5m for personal and business clients respectively.

Meanwhile, the financial information on application for Royal London’s Life Cover (joint life second death) has increased from between £2m-£3.5m to £2m-£4m.

Royal London said it has increased its focus on the large case market since it announced the acquisition of Aegon UK’s individual protection line of business last year.

It has bolstered its specialist team dedicated to supporting advisers with high-net-worth cases, increasing the overall team by 50% and appointing Mark Preston as service delivery manager with responsibility for large cases.

Below is a breakdown on the full underwriting changes:

Life Cover

(Single and Joint Life First Death)

Personal

Business

Current New Current New
No Automatic Evidence <=£1,000,000 <=£1,500,000 <=£2,000,000 <=£2,500,000
Salary Sense Check £1,000,001 to £2,000,000

£1,500,001

to £2,500,000

N/A N/A
Financial Evidence >£2,000,000 >£2,500,000 >£2,000,000 >£2,500,000
Corroborative Evidence >£3,500,000 >£4,000,000 >£3,500,000 >£4,000,000

Life Cover

(Joint Life Second Death)

Current New
No Automatic Evidence <=£2,000,000 <=£2,000,000
Financial Information on Application £2,000,001 to £3,500,000 £2,000,001 to £4,000,000
Corroborative Evidence >£3,500,000 >£4,000,000
Relevant Life Plan
Current New
No Automatic Evidence <=£1,000,000 <=£1,000,000
Salary Sense Check £1,000,001 to £3,500,000 £1,000,001 to £4,000,000
Corroborative Evidence >£3,500,000 >£4,000,000

Royal London chief underwriter Craig Paterson said: “Financial underwriting remains an important component of higher sum assured business, but the process should support the cover being applied for, not be a barrier to sale.

“The changes we’ve introduced should improve our speed to offer, conversion rates and make Royal London even easier to do business with.

“High-net worth-clients typically have sophisticated financial needs and are looking for high levels of cover, so it’s vital that our proposition meets their needs and processing their business is as efficient as possible.”

The post Royal London changes underwriting limits for high-net-worth clients   appeared first on Money Marketing.

]]>
https://www.moneymarketing.co.uk/royal-london-changes-underwriting-limits-for-high-net-worth-clients/feed/ 0 MAY 2021 - Cash, Money, Close-up,Of,Rolled,Up,Twenty,Pounds,Currency,Note,Inside,The featured