Foresters Financial achieves 99.99% claim pay-out rate with the help of MorganAsh

In the UK, Foresters Financial, the mutual financial services organisation, has achieved an outstanding claim pay-out rate of 99.99 per-cent for critical illness and income protection, with the help of wellness specialist MorganAsh.

Foresters has operated across the UK, United States and Canada since 1874, providing life insurance, critical illness cover and investment plans for adults and children. Its UK operation supports more than three million members and customers with £5.7 billion (31st December 2021) of funds under management.

Its goal is to offer financial solutions to families at every stage of life, with the purpose of enhancing the lives of members, their loved ones and the communities they live in.  

The enviable claim pay-out rate has been achieved with the help of MorganAsh, who provide a protection new business and claims outsource including tele-interviewing. This interview process with a MorganAsh nurse takes place at application stage, separating out the completion of medical information from their team of financial advisers. This helps give peace of mind up front to their members knowing that if the worst does happen, their loved ones will receive the financial support they planned for. 

To continue delivering for their customers, Foresters has also joined the pilot scheme for MARS, the MorganAsh Resilience System. MARS is designed to help advisers identify, monitor and evidence customer vulnerability, in-line with the requirements of the FCA’s new Consumer Duty.

To bring a consistent and objective approach to a subjective topic like vulnerability, MARS uses assessments to generate a ‘Resilience Rating’ – much like a credit score. This means the team at Foresters can not only evidence compliance but best understand the needs of the customer. 

Andrew Gething, managing director of MorganAsh said: “Foresters has long been a great example of how to successfully sell a suite of protection and financial products while still providing good customer outcomes. 

“Foresters’ enviable 99.99 per-cent claim pay out rate is great for its customers and puts Foresters in a good position to meet Consumer Duty regulations, as they are already demonstrating the support and empowering their customers to take out the right products suitable for their circumstances and needs.  Poor outcomes from poor claims experiences is an issue for many other companies presently selling critical illness.

“We’re proud to play our part in its fantastic achievement, supporting Foresters with its onboarding and extending our longstanding partnership through the pilot scheme of our innovative MARS system.” 

Nici Audhlam-Gardiner, CEO of Foresters Financial UK said: “As part of our continued efforts to support customers in achieving financial resilience, it’s important we have the right tools and providers in place to support our products and services. MorganAsh has proven to be an integral partner for more than a decade and a key component in this achievement. 

“As we look to deliver the best service to our growing UK customer base and meet the demands of the regulator, we’re also excited to be taking part in a pilot of MorganAsh’s innovative system. This is a positive step forward in eliminating inconsistent outcomes and potential harm for consumers and ensuring that we always provide both the best advice and the best products for every customer every time.”