British Friendly paid 89% of new income protection (IP) claims in 2023. The claims, which total just under £5m, were paid to members in income protection, discretionary BF Care claims and fracture cover claims. The five most common reasons for claims in 2023 were musculoskeletal (54.95%), chest/lung/nose/throat
I see huge opportunity to build on the success we saw last year with income protection activity. Annual premium income grew for IP, according to Gen Re’s Protection Pulse data, and we saw an increased focus among advisers and insurers, which was encouraging.
The Income Protection Task Force (IPTF) has announced six new members for 2024 as part of ambitious plans for the year ahead. The new members include Scottish Widows, Holloway Friendly, British Friendly, One Family, Teledoc, and Square Health. The organisation now has 26 members in addition to working with advisers
Does it matter if you explore price first then quality, or quality then price? Data from two services shows this can make a very significant difference to the range of insurers selected.