Data from Reassured and its insurance partners reveals that a total of 973 claims were paid over the course of last year.
This means that an average of 80 families each month benefitted from protection policies purchased through Reassured and this figure is set to increase, with some claims still currently under assessment.
Vicky Churcher, Intermediary Director at AIG Life, remarked on the results:
We are very proud of our relationship with Reassured. It’s a business which has the customer at the centre of everything it does and these statistics are further evidence of the quality outcomes it produces.
(AIG Life paid out over £11m to Reassured customers)
These figures are significantly higher than seen in 2020 in which 639 claims were paid, resulting in £17.6 million in pay outs.
The above figures include pay outs on both life and critical illness cover, demonstrating the value that Reassured brings in helping to source the right products for its customers and ensuring that a high volume of people are protected in times of hardship.
Ali Crossley, Managing Director, Distribution at Legal & General says:
Reassured is a key strategic partner of ours and we continue to be delighted by the quality of the business they write.
Seeing claims paid in these volumes shows that we are jointly serving customers at the point they most need us, which makes us very proud.
(Legal & General paid out over £11m to Reassured customers)
Today’s results highlight the value of customer choice, particularly since the majority of policies were purchased through Reassured’s non-advised sales channel.
This channel provides a crucial route to market for customers without access to a financial adviser or unwilling to undergo a lengthy sales process, preferring to buy their cover via a simple, highly professional process.
Phil Jeynes, Director of Corporate Strategy at Reassured, comments:
Earning customer trust is a challenge we continue to face in the protection industry.
Ultimately standing by the promises we make is the best way to achieve this goal, so these statistics are extremely gratifying to see, albeit a representation of hard times suffered by a great number of our customers.
By displaying the right behaviours in terms of fairness, clarity and value, we are proud to be leading the way as the UK’s largest life insurance broker.
We are grateful to all our insurance partners who stand shoulder to shoulder with us in delivering the right outcomes for our customers, regardless of which route they choose to buy their cover.