Reassured claims payouts surpass £50m in 2023

Reassured has revealed that life and critical illness insurance payouts for its customers in 2023 totalled £50,512,890 across their core insurer panel.

The figure represents a 25% increase from the total in 2022, which itself was up 37% from the year prior.

In total 1235 claims were paid out, meaning an average of over 100 individuals and families per month saw their policy serve its purpose across the year.

Phil Jeynes, director of corporate strategy at Reassured:

“Far beyond any awards or accolades, genuine consumer outcomes are what makes our industry matter. It is therefore gratifying once again to see our customers receive the protection they need at the time they most need it.

“The job our staff do each day has a tangible benefit which can be seen in these remarkable numbers.

“While we are acutely aware that each of these claims represents a dark time in our customers’ lives, we are tremendously proud to have been able to stand alongside them and at least alleviate some of their burden.”

Holly Ewing, head of intermediated distribution at Aviva, added: “Aviva are incredibly proud to work with strong intermediaries such as Reassured, who have a track record of robust compliance, rigorous quality analysis and good consumer outcomes.

“These claims statistics show the scale and value of what good distribution means to the end customer.”

Rich Horner, head of individual protection at MetLife UK, concluded: “To see an intermediary deliver results such as these really serves to demonstrate the need for what our business, and indeed our industry, can do when it works well.

“Reassured saw almost two claims per day pay out from MetLife last year when their customers encountered a bump in life’s road, which is a brilliant testament to the quality work they do.”

Reassured recently announced its first ever change of CEO, with co-founder Steve Marshall planning to move to a non-executive role within the business and Mark Towsend, formerly of BGL Group, taking over the position, subject to regulatory approval.