Over three quarters (77%) of consumers are unaware of claims statistics being published while 32% said claim rates had been discussed with them by their adviser.
Among those consumers who took out a protection policy, their decision of product and provider was first and foremost influenced by price, then by product features.
The claims history of the provider was ranked the lowest influencing factor in choosing a product and provider, the Aegon survey of 526 consumers found.
Dan Sharpe, director at The Insurance Surgery, said: "Claims statistics help to overcome some of the major objections to help advisers to highlight the value of protection and differentiate it from other products such as PPI, which is still an issue.
"Very few clients ask about claims statistics suggesting that they don't form a major or even minor part of the decision making process currently.
"Better use of claims statistics and more emphasis on how successful we are as an industry at paying claims would be a great way to reverse this.
"Claims statistics are a great way to illustrate the need for protection and reinforce an industry success story."
Dougy Grant, protection director at Aegon UK, said: "We are constantly hearing that the key barrier to closing the protection gap and getting consumers to invest in protection products is lack of confidence in providers to actually pay claims.
"Worryingly, in spite of industry figures showing the highest number of pay outs ever, there is a perception among some consumers that only half of claims are paid.
"As an industry we need to pull together to make better use of claims statistics to help the sale and tackle fears that claims don't pay out.
He added: "This research does make me question the importance of claims statistics.
"It's always been a key time of year for the industry when we release this information, but stopping there is simply not enough."
Further Reading:
Opinion: Why honesty is the best claims policy
