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2021 was a record-breaking year

13 September 2022 Bidvest Life

 

 

 
2021 was a record-breaking year for Bidvest Life, with claim volumes increasing by 44% compared to 2020. 

92% of all claims paid in 2021 were for income protection benefits.
This spike was largely driven by an increase in Covid-19 infections and complications. Even with the increased demand, we demonstrated our commitment to paying claims with speed and efficiency. 

A key learning from our claims experience is the importance of income protection and that it should be the foundation of your client’s financial plan. Most of our claims were for individuals under the age of 45, so if you want to show up for your clients, ensure that income protection forms part of their financial plan, no matter their age.

As an industry, we should educate our clients about the need to protect themselves against their most likely risks which are injury, illness and critical illness. 

The latest Claims Report data has underlined the need for consumer education around concepts such as waiting periods - which can make or break a claim - to ensure that clients understand and select products that suit their needs, and the critical role of financial advisers in helping consumers understand the terms of their policies. 

To view a summary of our key claim statistics, click below to download our 2021 Claims Report. 

2021 CLAIMS REPORT

 
 
          
086 010 1119  www.bidvestlife.co.za
Bidvest Life is a Licensed Life Insurance
Company and authorised
Financial Services Provider - FSP 47801.
 

 
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