ABI slashes life claims payment time

It has reduced the allowed time from four months after working with the Law Commission to get around the prolonged legal process by introducing declaration for the main beneficiary. Aviva has welcomed the new guidelines and urged the market to go even further. The spectre of reducing death claims payment times was raised by reinsurer Munich Re at the Protection Review last summer and discussed further in the December issue of COVER. Under the new process, when a claim is received the life insurer will ask the main beneficiary to complete a declaration where they agree to pay back a...