Cirencester Friendly pays out 94% of IP claims

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Cirencester Friendly has revealed it paid out 94% of claims in 2013 maintaining the same pay out rate as 2012.

The total value of sick pay benefit paid out was £3.3 million, and 26% of claims were for accidents or injuries.

Cirencester Friendly received 882 applications for benefit in 2013, 1.8% were not eligible for consideration as they were for an excluded medical condition or the claim occurred within the deferred or initial waiting period.

This left 866 claims to be considered, of which 814 individual claims were paid (94%).

Meanwhile 52 individual claims (6%) were declined due to issues including non-disclosure, no loss of earnings and cases where medical evidence and proof of earnings could not be supplied.

John Bridge, director of sales & marketing for Cirencester Friendly (pictured) said: "Much has been said in the past about the publication of claims statistics. I believe all providers should publish transparent and clear data behind their headline figures 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.

"Transparency is very important to us and our Members as it is a demonstration that we continue to run their Society for their benefit. I continue to urge all income protection providers to publish their claims data in detail."

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