26 February 2010 / by Rachael Stiles
Bright Grey has announced that the proportion of critical illness claims that it pays out for has increased to 93 per cent, with two per cent of claims declined for non-disclosure.
Commenting on the results, Roger Edwards, proposition director at Bright Grey said: “It’s very pleasing to see such a high claims paid figure which helps generate a massive confidence in Bright Grey with advisers and their clients.”
The average age for critical illness insurance payouts is 42 for males and 41 for females, with 75 per cent of claims being from policyholders who have been diagnosed with cancer.
The youngest claimant for Bright Grey critical illness was just 24, and the average payout for claims was almost £80,000.
Bright Grey, a protection specialist within the Royal London Group, is proud of the figures, but, Mr Edwards continued: “However, we’re well aware that our claims data tells only part of the story and that it’s really important we continue to differentiate ourselves by providing the best experience at the point of claim. It’s a traumatic time – a time when we’re needed most, so it’s vital that advisers consider this aspect and how providers measure up before they make a recommendation.”
Bright Grey points to its Helping Hand service as a way that makes it stand out from competitors in the critical illness insurance market. This means that all customers who make a claim are contacted by RED ARC nurses, and 97 per cent of customers accept the emotional support which they offer, claiming that this ‘meant as much to them as their financial payout’.
© Fair Investment Company Ltd