L&G said this was over £100m more in claims than the previous year and that it paid over 20,000 claims during the year.
The claims paid is equal to around £2.5m in retail protection claims per day, the firm said.
L&G said that in 2024, there was an increase in the volume of claims accepted for the third year in a row and a rise in the total amount paid in retail protection claims over the same period.
The company said the launch of its online claim submission capability has streamlined the claims process by minimising follow-up requests for additional documents to assess a claim by over 25%, as more complete information is received at the start.
The digital service is available through its self-serve portal and customers with eligible products can submit a claim and any supporting information online.
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The new online claim submission capability has 24/7 access, reduces average claim timelines, allows customers to safely upload documents in support of the claim, and has claim status, progress tracking and quick access to supporting organisations.
David Banks, director of claims and underwriting for retail protection at L&G, said: “We’re proud that we’ve been able to consistently support individuals and their families at times of immense stress and hardship.
“We’re committed to enhancing the experience for our customers by refining every stage of the claims journey. We’ve invested in our people and process to make continual improvements to our claims philosophy, service and processes. Digital claims, for example, has already made a positive impact and we expect this to continue.
“Our focus is on delivering the best outcomes for our customers during what is often one of the most challenging periods of their lives. By continually improving our processes and investing in technology, we aim to create a smoother, faster, and more transparent system that alleviates stress, pays claims as quickly as possible and provides peace of mind.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: L&G pays out more than £1bn retail protection claims in 2024
