A 25 per cent rise in claims related to protection
MetLife is an insurance entity in the United Kingdom offering financial insurance products to its consumers and that gained a 25 per cent increase in claims related to protection in the first quarter of the year 2019.
How many MetLife claims were paid in the year 2019? Financial data
Claims amounting to 3,216 were paid with an amount of 2.411 million pounds during the first quarter of the year 2019. These protection claims skyrocketed in the first quarter of the previous year as the number of payouts rose by 25 per cent and the cost of the protection payouts increased by 28 per cent. This means at least 56 claims were made per day on average.
The total number of claims relating to accidents as well as health claims took 11.1 million pounds having 14,730 claims that were paid for in the course of the year, a 28% increase in comparison to the year 2018.
MetLife research information revealed that 88 per cent of the total number of the United Kingdom hospital admission claims because of client’s ailments, was recorded for the year 2019.
Some data showed that more than 50% of insurance experts and advisors, concluded that customers who are the main stakeholders of the company are reluctant to purchase personal protection because of their main concern about records for claims. Fifty-six per cent commented that customers don’t believe the products currently on display are relevant to their daily lives.
What has contributed to the claim rise?
According to the Head of claims for MetLife, Mr Stuart Lewis, he said one key reason behind the remarkable change is the integral responsibility which insurance experts play in the experience of consumers in the claim phase. Most consumers do turn to the advisors for financial products service delivery especially in the claims stage.
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