Cirencester Friendly has called for an industry standard for income protection claims statistics to be provided after publishing its annual claims statistics.
The income protection specialist mutual paid out 94% of its claims last year out of a total 929 applications for benefit; 1.3% were not eligible for consideration due to excluded medical conditions or the claim occurring within the deferred or initial waiting period.
Paul Hudson, chief executive of the mutual, said there was no standard format in place for income protection providers to release claims statistics and different approaches "unfortunately" meant statistics did not always reveal the full story.
"An industry standard for all income protection providers is the only way to go," he said.
Of 917 remaining considered claims, Cirencester Friendly paid 860 and declined 57 individual claims (6%) due to; not providing proof of earnings; not supplying medical evidence; no loss of earnings; non-disclosure; or the contract being in arrears.
Hudson said: "I believe all providers should provide transparent details behind the headline figure as this helps advisers and clients get a better understanding of the claims process and to make informed choices when picking an income protection provider.
"The FSA is now considering publishing all insurers' claims data as part of their transparency agenda and we welcome this move."
