Reassured, the UK’s largest life insurance broker, has revealed that life and critical illness insurance payouts for its customers in 2022 totalled £40,271,300 with over £12m more still under review across their insurer panel.
An average of 92 families per month were helped as a result of the claims, with 1107 payments secured: up 134 from the 973 paid in 2021.
Phil Jeynes, director of corporate strategy at Reassured, said: “Our aim for last year and in 2023 remains to expand our customer reach and offer Protection to as many new customers as possible.
“Whether that’s through increased marketing activity, new product lines such as Income Protection, or high profile partnerships like our recent launch with Go.Compare, the promise we make to our customers remains our primary concern.
“These statistics show that we are delivering on those promises and we are extremely proud to be helping so many people in their most difficult moments.”
Ali Crossley, managing director, distribution at Legal & General (who paid out over £12.4m to Reassured customers) added: “The pace of growth Reassured has demonstrated is extremely positive and further highlights the importance of the work organisations such as Reassured do, to give their customers the financial stability they need when life events occur.
“We are proud to have stood in partnership with Reassured in delivering at the point of claim for so many people.
“These results illustrate the value of protection and helping people to plan for the unexpected. We are committed to offering support for customers when they need it most, and we look forward to continuing our partnership and reaching even more people together.”
This is the second set of annual claims results presented by Reassured, with figures rising each year as the business continues to grow.
In addition to its Life and CI claims, the business is also seeing increases in payouts across other business lines.
Met Life paid out more than a claim a day to Reassured customers over 2022, totalling over half a million in payments to date.
Vicky Churcher, intermediary director at AIG Life (which accounted for over £18.3m of the claims paid), said: “It is so important that these incredible results are shared as widely as possible. Our partnership with Reassured is based on a mutual aim to serve as many customers as possible.
“Their growth in terms of new business over recent years is exciting, but these claims numbers bear out the real value of our relationship – helping customers when they need us most.”
Reassured recently strengthened its executive team, with Ed Wagener joining from Not on the Highstreet as chief financial officer.
It also this month unveiled a partnership with major price comparison website, Go.Compare, to serve its Life Insurance customers.
