“We are recognised as industry experts in the understanding and underwriting of risk. We are committed to continually developing this expertise to ensure we deliver the right set of protection and annuity products and services to our customers and business partners in the future.”
Group Executive Director, Legal & General Risk Businesses
Health care systems around the world are facing enormous challenges as they try to cope with ageing populations and continuing economic and financial pressures.
In the coming decades the demographic composition of nearly all populations in the developed world will change significantly with dramatic increases in the numbers of elderly people.
This will lead to major changes in healthcare and welfare provision. Society must investigate how to better tackle issues such as obesity and increase education so people can understand the importance of making the right lifestyle choices to improve their own health and well-being.
Every Day Matters
Our customers rely on us to help when their health fails them. In 2011 we held a number of focus groups with some of our individual protection customers to find out more about what they think of Legal & General, and to help us identify how we can improve our products and services.
They kindly agreed for the interviews to be filmed. Some of these customers had made a claim – so gave very real and often moving evidence of what having the cover meant to them, their advisers, and our own claims team, at a very difficult time in their lives.
Above all, these stories demonstrate the real difference that having the right cover in place can make.
To improve the service we offer current and future clients, we have a number of relationships with leading health organisations such as the British Heart Foundation (BHF), Macmillan and SANE. The work we do together helps us to be at the forefront of understanding health and longevity trends, and the impact of ill health and increasing longevity on our customers.
We also help reduce the financial burden of ill health on the state by helping our customers to safeguard their finances through our policies.
WHAT WE KNOW
In our Risk business our purpose is to pay out valid claims when a customer becomes ill, is unable to work or dies. We do this in two ways – for individuals or through employers who insure their workforces.
The causes of critical illness were largely consistent in 2011 versus 2010. However, there were some significant changes in the proportion of our customers claiming for life assurance.
The proportion of claims associated with accident or self-inflicted injuries fell in 2011, which is very positive news. By contrast, claims due to stroke and cardiovascular disease other than heart attack made up a higher proportion of claims paid. The proportion of deaths relating to alcohol abuse also increased in 2011.