PSHPC claims the results for its Gladis self-service platform for managing employee data and protection insurances set a new benchmark for undisputed protection insurance claims.
PSHPC says the findings are significant because previous research it conducted revealed that up to 15.6 per cent of UK employees could be affected by critical data errors that influence the eligibility of potential insurance claims. Gladis uses proprietary ‘checker’ software to avoid this and supplies data to insurers on a monthly rather than yearly basis.
PSHPC’s research says using Gladis has enabled its clients to reduce the average rates for their protection premiums by up 30 per cent less than market averages.
Gladis, which was launched in 2013, now administers over £5 million of life assurance and income protection premiums and PSHPC expects to see the system double the number of clients it manages in 2014. The platform is free to clients due to the reduction in the time it takes PSHPC to administer policies.
PSHPC managing director John Dean says: “When we launched Gladis we knew the system would mean less critical data errors; however one year on we see that clients using Gladis are obtaining insurance rates some 30 per cent lower than clients using traditional administration.
“This is very compelling evidence that clients who supply regular, accurate data onto an intelligent system like Gladis, not only reduce the risk of claims being declined but also obtain better premium rates. These lower rates are achievable because insurers are working with more accurate and timely data than they had in the past, enabling them to price schemes more realistically, rather than having to make assumptions on data.”
