The critical illness insurance industry needs to work harder to improve consumer trust and understanding and overcome negative publicity, according to a report by Defaqto.
The report – Critical Illness Term Insurance in the UK 2006 – warns the industry’s image has taken a battering from negative publicity over claims being turned down and unclear terminology in policy documents. In addition, it states delay in reaching consensus with the Association of British Insurers’ (ABI) proposals has stifled product development and fuelled the negative perception of the industry. It believes the ABI proposal for a two-tier cancer definition will add unnecessary complication and confusion to an already complex product. But Jonathan French, press officer at the A...
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