|Knowledge is our currency. It’s our wealth. It’s our future. It’s where we come from and what we stand for.|
Liberty 2013 Financial results were the best results in just over a decade, and these were equally matched by the 2013 Liberty Claim Stats. More than R2.7 billion in claims was paid out by Liberty in 2013. This tabulates to a 16.3% increase of over R380 million in pay-outs compared to the claims paid out in 2012; bringing the total claims paid to almost R18 billion over the last eight years. Put another way, we paid an average of approximately R9 million each working day since we first published claims statistics in 2006.
What does this information mean to Liberty and its customers?
It means Liberty keeps its promise of paying all claims that are medically and contractually valid.
The largest portion of payments was made for claims relating to life cover – R1.86 billion (68.5%). The remainder was almost evenly split between claims on critical illness type cover (R414 million) and claims on income protection type cover (R439 million).
How do we use this information to our advantage?
Until knowledge has its sleeves rolled up, until it gets stuck in, until knowledge becomes action, there is no freedom. There is no progress and there is no advantage. The information elicited from the 2013 Claim Stats is a critical tool in planning for customer intervention and check-points. These checkpoints are informed by the statistics breakdown:
* These three groups alone accounted for nearly 90% of all critical illness claims.