In addition to paying claims, critical illness, income protection and life insurers should provide greater non-financial support to policyholders and really demonstrate their brand values according to care advisory service provider RED ARC, which supports insurers, affinity groups and trade unions.
Two in five patients who completed cancer treatment in 2009/10 (39%) said nobody (health or social care professionals) talked them through the needs they might have. Source YouGov online survey of 1,740 adults living with cancer.
And 45% of people with cancer said the emotional effects are the most difficult to cope with and nearly 6 in 10 (58%) felt their emotional needs were not looked after. Source MacMillan Cancer Support.
The protection industry regularly celebrates low declinature rates, numbers of conditions covered, and effective underwriting but RED ARC feels not enough consideration is being given to the real needs of the individual should they be unfortunate enough to need to claim.
According to RED ARC Managing Director, Christine Husbands, “The diagnosis of a serious health condition such as cancer, heart attack or stroke is undoubtedly a worrying time for an individual and everyone close to them. That is where added value services can and should come to the fore.
“I have heard it said a thousand times at industry events but with little or no action taken. Surely the time has now come when insurers need to consider all the customers protection needs not just financial. Rather than empty words, insurers need to do more to demonstrate evidence of truly caring for their customers, going the extra mile and demonstrating the brand values that they spend so much of their resources promoting.”
RED ARC’s experience is that at least one third of those who receive advisory care support do so for over one year and 5% receive support for over 5 years. See notes to editors for condition breakdown.
