Aegon UK has called on the protection industry to boost consumer trust and confidence by better promoting claims figures.
It comes after Aegon UK’s research revealed 77% of consumers were not aware of the current strong rate of pay outs for protection policies.

The research also revealed that only 32% of people had discussed industry claims statistics prior to taking out cover.
Aegon UK said although claims statistics are integral to building consumer confidence, the findings of this research show that the message is not getting through, which could be fuelling a low take up of products.

For those respondents who had taken out a protection policy, Aegon said their decision on product and provider was influenced first and foremost by price and then product features. The claims history of the provider was ranked the lowest influencing factor.

Dougy Grant, Protection Director at Aegon UK, said: "As an industry we need to pull together to make better use of claims statistics to help the sale and tackle fears that claims don’t pay out. We need to think of ways to work with advisers to change peoples’ mindset and stop it being a barrier to protection sales."

He added: "We support activity to help advisers give clients the confidence to buy protection and continue to work with advisers to provide material to explain claims statistics to their clients."

 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.