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In a quest to “correct the misconception” that insurers are greedy premium guzzlers who will do anything to avoid paying out claims, Aviva Canada has today released claims data that shows the insurer paid out 98% of claims received in 2017, at a total dollar value of $4 billion.
“People have the mistaken impression that we fight paying most claims, when the data shows the opposite is true,” said Bryant Vernon, chief claims officer at Aviva Canada. “The vast majority of claims we receive from our customers – 98% in fact – are paid by Aviva
Canada. We need to correct this misconception once and for all.”
The insurance giant hopes to build trust among consumers by being totally transparent about how Aviva handles claims. It is the only general insurance company in Canada to reveal its claims pay out percentage and the total dollar value of those claims.
“We’re not just reporting on our claims statistics, we’re also actively working to improve our consumer claims process to ensure that 100% of legitimate claims are paid efficiently
and promptly,” Vernon added.
“There’s a remaining 2% of customers who had their claims rejected in 2017 – some due to lack of coverage, misunderstanding their policy or cases where documents could not be provided to process the claim. We want to encourage customers to understand their coverage and what is needed to submit a claim.”
Education plays a big part in how consumers perceive their insurance carrier and broker. In a 2017 consumer survey, only 15% of Canadian respondents said they trusted insurance companies to be “honest” and “fair”. Insurers rank lower in net trust than fintech startups, utility companies and both local and regional banks.
