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May 28, 2019updated 03 Jun 2019 2:39pm

AIG partners with Skipton Building Society to provide life insurance

By Patrick Brusnahan

AIG Life has been chose by Skipton Building Society to offer life and critical illness insurance solutions to its customers.

The arrangement means that AIG’s products will be available to Skipton mortgage customers and its one million customers.

AIG was selected by the building society due to its flexible application process. Customers gain a fairly omnichannel experience as they can apply for insurance in brand or over the phone and complete it online.

Applications take only seven minutes and most customers are asked only 11 questions. In addition, the majority of applicants can purchase the insurance immediately and without providing medical evidence.

Maitham Mohsin, Skipton’s head of savings and partnerships, said: “Life and critical illness insurance is a form of comfort that we should all have but hope to never need. So we’ve tried to make this as easy and effortless as possible for our customers, by partnering with AIG.

“AIG’s human approach and empathy towards their customers is why they also have one million customers and why we want to work with them. They understand that customers like flexibility and want buying insurance to be as easy as possible when they realise how important it is to have. We’re looking forward to working with AIG and showing families the peace of mind that having life and critical illness insurance can bring.”

Nicola Dryden, partnerships director at AIG Life, said: “We’re very proud to be working with Skipton Building Society. Their strong relationship with local communities and with their customers means, like us, they care about being there for people when life takes a turn for the worse, and know how important it is to encourage families to have financial support in place.”

AIG Life paid out £92m ($120m) in life and critical illness claims in 2018, a 26% rise from the £73m paid out in 2017.

According to the firm, this has helped over 1,500 individuals and families over the year.

Furthermore, AIG Life paid 99% of life claims in 2018, the same as in 2017. In addition, it paid 94% of critical illness claims, up from 93% last year.

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