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Old Mutual Wealth pays 99.78% of life insurance and 96.2% of critical illness claims

29/03/2019

Old Mutual Wealth, part of Quilter paid 99.78% of life claims and 96.2% of all critical illness claims in 2018. Since 2016, Old Mutual Wealth has successfully paid out nearly £150m in claims across its life and critical illness policies.

Over the past year, Old Mutual Wealth has paid out £37.3m in life insurance claims with an average claim size of £82,931. It also paid out £19.3m in critical illness claims with an average claim size of £126,889. For the third year in a row the company has increased its percentage of successful critical illness claims and now pays out nearly 6% more than in 2016

In total, over 84.9% of critical illness claims were made for just three conditions. These comprised of cancer (66.45%) stroke (7.24%) and heart attack (11.18%). The average age of a claimant was 55 for women and 59 for men.

The FCA’s Financial Lives Study showed that nearly a third of the UK population showed ‘low financial resilience’. Some of those that exhibited this lack of financial resilience said that they would not be able to cover living expenses for even a week, if they lost their main source of income. This could become a reality if someone falls ill or a family member passes away and protection products can play a big part in helping to alleviate these types of problems.

Paul RobertsPaul Roberts, head of protection at Old Mutual Wealth, comments:

“Today’s claims statistics add to our superb track record and illustrate our commitment to our customers and advisers. These positive claim figures continue to give our customers confidence that we will always endeavour to give them the best possible outcomes.

“When people come to us at the claim stage they are often at a vulnerable moment in their life as they might be grieving for a loved one or scared because of a worrying diagnosis. For this reason it is of paramount importance that we continue to give our customers a dedicated and empathetic service, which helps guide them through a difficult time.

“Our committed claims team has the experience to recognise when a customer is showing signs of vulnerability and the ability to think outside of simply the claims processes to offer a bespoke service, which goes beyond simply the claim.”

For more information contact

Tim Skelton-Smith02380 916 99807824 145 076tim.skelton-smith@quilter.com
Alex Berry023 8072 626007741 151931alex.berry@quilter.com

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 £118.4 billion in investments (as at 30 June 2019).

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: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

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

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

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.