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Old Mutual Wealth releases 2015 Protect claims statistics

22/02/2016

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 076tim.skelton-smith@omwealth.com

Notes to editors:

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

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy 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; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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