DMS increases ASU claims paid ratio in 2015
11 January 2016
DMS Security Plans, the Gloucestershire based Short Term Income Replacement provider has just announced its 2015 Claims Paid Statistics. It is one of the few providers in the market sector which actually publishes these statistics.
In 2014, the company paid 91.92% of claims.
The 2015 figures, just released, show an increase in approval to a record 95.45% of all claims.
Claims within the initial exclusion period and in respect of pre-existing conditions accounted for the majority of claims being declined.
“We always underwrite at application stage, not claims stage. A DMS policyholder knows that their claim will be paid rather than simply hopes it will be,” said John Tegg, Managing Director and founder of DMS.
In 2015, the company launched a new product, Business Guard, an income replacement policy aimed at people running their own business. The applicant self certifies the affordability of their expenses by pre-validating them at time of the application. Then, in the event of a claim, DMS makes no enquiries about income or expenses. The company believes this to be of great benefit to self-employed who may want to claim at the time when they have no proof of income or accounts.
