After a successful six month trial of British Friendly’s Immediate Support Payment (ISP) initiative, the mutual has said it will integrate the new payment into its claims process on a permanent basis.
Immediate Support Payment means British Friendly will start making claims payments at the end of the deferred period whether supporting evidence has been received or not. This allows customers to receive immediate financial support while the claims process continues.
Andy Parker, claims and underwriting director at British Friendly, said: “It is our job to provide financial support to our members at the very time they need it the most. But delays when our members are making a claim can happen, through circumstances beyond their, and our, control. So, penalising them would be unfair. Receiving a payment at the earliest possible stage can make all the difference in what is already likely to be a difficult situation.”
The trial saw British Friendly pay out nearly £10,000 in Immediate Support Payments, with members receiving those payments, on average, 28 days earlier than under the normal process. The average payment was £425 and only two claims were deemed invalid during the trial.
British Friendly is also speeding up the claims process by introducing DocuSign, which will allow members to sign and submit their claim form electronically. During a trial of this new service, 50% of claims were submitted within 24 hours, and 70% within one week.
Parker continued: “During their trial periods, both these initiatives proved to be a great success, so it is only right that we make them permanently available to demonstrate our commitment to serving our members in the best way possible, making it easy to claim and quick to receive a payment”
British Friendly recently released its claims statistics showing that over 96% of claims received over the past 12 years have been paid.