VitalityLife announces new claims and benefits statistics• £36.1m paid in claims during 2017
• 96% of all claims paid across Life, SIC and IP
• More than £60m given back to members through a range of rewards and benefits
VitalityLife today published its new Claims and Benefits Report which shows it paid out a record £36.1m in claims during 2017 with 96% of all claims being paid out across Life, Serious Illness Cover (SIC) and Income Protection (IP). In total, 982 claims were paid across all products.
The new report is the first time VitalityLife has combined annual claims information with statistics on the benefits that members gain by engaging, both in terms of a reduced likelihood of suffering a serious illness and the value from Vitality partner rewards and benefits.
VitalityLife claims paid 2017
|Product||Amount paid in 2017||% paid claims|
|Life and Terminal Illness||£21.4m||
Deepak Jobanputra, Deputy CEO at VitalityLife, said: “Our core purpose is to help make people healthier and enhance and protect their lives. We believe our new Claims and Benefits Report will illustrate the value Vitality delivers both in terms of people’s health and wellbeing and in the rewards and discounts we provide through our partners. Our protection products are underpinned by our shared value insurance model and complemented by the Vitality healthy living programme, which helps our members to lead a healthier life and rewards them for doing so. This report demonstrates that encouraging better health and offering better cover are equally important and can make a real difference to people’s lives.”
Damian O’Connor, Managing Director at adviser Roxburgh Financial Management, said: “Publishing claims stats is important, but we need to take it to the next level and detailed reports like VitalityLife’s are great for advisers to use with customers. It’s full of detail, not just about how many claims have been paid, but how engaged with the Vitality programme its customers are and the impact of health and fitness on their outcomes.”
Other statistics from claims and benefits paid in 2017:
• Five of the most claimed body systems that VitalityLife paid out in 2017 were:
2. Heart & artery
3. Stroke & nervous system
5. Connective tissue
• Average age of claimants was 49 for SIC and IP and 60+ for Life cover.
• The number of health reviews that Vitality members underwent increased by 23% between 2016 and 2017, enabling them to become more aware of their health.
• Vitality gave more than £60m back to its members in 2017 through a range of health benefits such as discounted health screens and gym memberships and rewards such as activity devices, coffees and cinema tickets.
• Overall, Vitality Platinum members are getting more value in rewards and benefits than what they pay in premiums.
View VitalityLife’s Claims and Benefits Report 2017