Are Insurers Always Slow to Pay Claims? Nope, Not At All. MetLife Set A Record

If you read online forums you may assume that the average insurer, or broker is still passing claims to a bloke called Colin, who is surrounded by dusty box files in the basement, eating a Boots Meal Deal and trying his best to delay any payments until he nears retirement age. But this isn’t the reality, and it is good to see the bigger insurers like Zurich, and MetLife, putting the record straight. Most claims get paid, and due to new technology being deployed in the world of automated/AI admin, fairly quickly too – fact!

From a Consumer point of view, it is easy to shop online and check Feefo and Trustpilot ratings regarding customer experience, but it’s always wise to check which companies pay promptly, and in full too.

MetLife UK is on track to pay record claim volumes this year as demand for its innovative MultiProtect policy continues to grow, new data shows. Claims paid in the first nine months of 2019 are already 92% of the total paid in 2018 when MetLife UK paid a protection claim every hour in a record-breaking year.

As of October, MetLife UK has paid 10,449 claims compared with around 11,400 for the whole of last year.

The total amount of claims paid for the first nine months of 2019 was £7.5 million, putting MetLife well on course to beat the record £8.6 million payout for the whole of 2018.

MetLife’s accident and hospital cover product MultiProtect, complements traditional protection policies and enables individuals and families to access affordable and flexible financial protection that meets their everyday risks.

MultiProtect is currently the only standalone policy which alongside a variety of benefits, specifically covers broken bones, including fractures and chipped bones. Adults can receive payouts of up to £3,750 per major broken bone and a Child Cover benefit can be added on to cover all children from just £1 extra per month.

Richard Horner, Head of Individual Protection, MetLife UK said“The growth in the volume and value of claims demonstrates the role that MultiProtect can play as part of a customer’s protection portfolio and really helps widen advice options for advisers.

“Advisers are the key to helping customers find products that meet their needs – often needs that customers aren’t aware that they have until something happens and it is too late. The advisers that partner with MetLife to offer MultiProtect know that it’s the everyday risks that are often overlooked and the rise in claims shows the value of the policy.”

MultiProtect offers cover for between £8 and £40 a month and does not require medical underwriting, with customers being able to get covered in under four minutes. Families can add optional cover for children up to the age of 23 if in full-time education from £1 extra per month and if both parents select the cover, they can protect children twice.

It is not just financial help – customers also have complementary access 24/7 to the Wellbeing Support Centre which provides emotional and practical support.

Maximum payouts are up to £250 a day for UK hospital stays, £3,750 for broken bones, £250,000 for total permanent disability and £200,000 for accidental death. Customers can take out a policy from age 18 up to their 60th birthday and cover will continue until they reach 70.

MetLife’s MultiProtect is available through selected strategic adviser partners in the UK. To find out more, please visit www.metlife.co.uk/multiprotect

About InsuranceEdgeEditor (2383 Articles)
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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