How many claims did Liverpool Victoria payout in 2018?
Liverpool Victoria has published its protection claim statistics for 2018, which show they paid out 94% of individual protection claims across life, critical illness, terminal illness and income protection, totalling £97.9m – up £10m from 2017. Record figures to date.
The protection mutual supported more than 7,400 new and existing claimants and their families last year.
Income protection claims
Income protection (IP) pay-outs totalled £14m, with musculoskeletal problems (33%), cancer (23%) and mental health (20%) representing the most common conditions for new claims.
LV= paid almost £5m worth of claims to support people with mental health issues.
The mutual offered individual rehabilitation, emotional and back-to-work support to over 100 IP claimants through its partnership with early intervention specialist Innovate, and it expanded its telephone-based claims service in 2018 to handle claims.
Fracture cover, a lump sum benefit pay-out added to IP policies in 2017, saw a number of claims during 2018.
Financial support
Chris McNab, Protection Proposition Director at LV= said: “Last year, LV= paid out more than ever for individual protection claims. These numbers prove that protection and features such as fracture cover can play a vital role in helping people when they need it the most.”
“We believe that modern insurance should be about more than just the cover provided and money paid out. Our partnership with Innovate allows us to provide meaningful, practical and emotional support for claimants and their dependants – providing tailored rehabilitation, helping people back to work and sometimes even helping them to launch a completely new career.”
“Our telephone-based claims service has transformed our claimants’ experience for the better. Customers can speak directly to our trained claims team, helping us to understand and respond to their situation immediately, at what often can be an emotional and vulnerable time. For income protection claimants, this allows us to quickly decide on the best types of support and get them on to the road to recovery more quickly.”
Source: Cover Magazine April 2019
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