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Old Mutual Wealth releases 2015 Protect claims statistics


Old Mutual Wealth’s protection business paid out 95.43% of critical illness claims in 2015, an increase on the 2014 figure.

Life claims were paid out in 100% of cases, the sixth year in a row that all life insurance claims have been paid.

Over 92% of critical illness claims were made for the top five conditions of Cancer, Heart attack, Heart surgery, Stroke and Multiple Sclerosis.

The average age of a claimant was 52 years old for men, and 48 years old for women.

During 2015 Old Mutual Wealth’s Protect product was enhanced by the addition of the ‘There for You’ support service, at no extra cost to policy holders.

The service, supplied by specialist provider RedArc, gives Old Mutual Wealth customers access to a team of highly trained and experienced telephone based Personal Nurse Advisers, who can provide practical advice, emotional support, explanations and information to support customers through difficult circumstances.

‘There for You’ is available to customers, their spouse or partner and their children from the day the cover starts, whenever they need it, for as long as they need it. Customers do not even need to make a claim on their policy to have access to the service.

Paul Roberts, head of protection at Old Mutual Wealth, commented: “The twin negative perceptions that the protection industry and advisers are working to overcome are ‘it’ll never happen to me’ and ‘insurers don’t pay out.’ We’re very proud of our claims statistics, because as an insurer it is our intention to pay out as many claims as possible.

“Very often you hear people refer to the number of conditions contained in a policy but it’s clear that with over 92% of claims coming from five conditions, it’s the quality of the cover you have in place that counts.

“That quality within the Old Mutual Wealth Protect product is highlighted by our provision of the ‘There for You’ service in 2015, as well as our ability to pay out life claims up to £300k without the need for probate. Probate can take a long time to sort out so the ability to pay out without it means we can get the money to the beneficiaries as soon as possible – which can be useful if there’s an IHT bill, funeral costs or debts to pay.”

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.