Success relies on transparency

Pioneer and Skandia have used the launch of their claims statistics for income protection (IP) and critical illness (CI) products to call on the industry for greater transparency when dealing with intermediaries and consumers. Pioneer, which specialises in IP products, revealed it had paid out 96% of its IP claims in the last year while Skandia said it had paid 82.5% of CI claims during the same period. Andy Chapman, chief executive of Pioneer, said future success of the IP industry was reliant on openness across the entire sector. He said: "One of the keys to future success is to be op...