Critical illness insurance payments up for Norwich Union
Efforts to drive down non-disclosure have led to an 11 per cent increase in critical illness payments by Norwich Union in the past two years, according to the insurer’s latest claims report.
The Critical Insurance Claims Report reveals that 86 per cent of critical insurance claims were paid during the first half of 2007, compared to 80 per cent in 2006 and 75 per cent in 2005.
A campaign to educate consumers on the importance of full disclosure has been run over the last 12 months.
In addition, Norwich Union has undertaken a review of 5,000 existing protection policyholders, requesting they review the information submitted in their application for insurance cover.
Risk products director Willie Mowatt told ifaonline.co.uk that non-disclosure is a "huge concern" and "early indications from our pilot have shown an excellent response rate from existing customers providing extra information to ensure they have a valid policy".
"By taking the time and care that protection applications deserve and providing their insurer with full, accurate medical information, customers can be sure that they have a valid policy which will provide a payment in the event of a legitimate claim," he added.
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