People’s general concerns with insurance not paying out. Most people we speak to are interested in what are the most common claims, how much was paid but how it all works.
We believe every customer and claims circumstance is unique. We understand that to manage claims effectively for the customer’s benefit, claims consultants need to treat people with empathy and consider their situation holistically.
Note: We obtained claims statistics from leading insurer BT.
FY17 TERMS LIFE CLAIMS PAID
In 2017, policyholders received $171 million in Term Life claims. 18 is the age of the youngest claimant and 96 is the age of the oldest claimant.
The average years the policy had been in force was 10 and the average claim payout was $330,000.
FY17 TPD CLAIMS PAID
In 2017, policyholders received $47 million in TPD claims. 22 is the age of the youngest claimant and 65 is the age of the oldest claimant.
The average years the policy had been in force was 5 and the average claim payout was $281,000.
FY17 LIVING INSURANCE CLAIMS PAID
In 2017, policyholders received $86 million in Living cover claims. 27 is the age of the youngest claimant and 68 is the age of the oldest claimant.
The average years the policy had been in force was 5 and the average claim payout was $194,000.
FY17 INCOME PROTECTION CLAIMS PAID
In 2017, policyholders received $80 million in Income Protection claims. 20 is the age of the youngest claimant and 65 is the age of the oldest claimant.
The average years the policy had been in force was 4 and the average claim payout was $5,697.
