HSBC Life UK announced as signatory of the protection distributors group claims charter
HSBC Life (UK) Limited (“HSBC Life (UK)”) has been announced as a signatory of the Protection Distributors Group’s (PDG) Claims Charter for 2025, underlining its commitment to delivering better customer outcomes in the protection insurance market.
HSBC Life (UK) paid out £93 million in life insurance and critical illness claims during 2024 with paid rates at 97.53% for life insurance and 94.44% for critical illness.1 The average time to settle life claims was 19 days (this reduced further to 13 days in Q1 2025 thanks to the introduction of a new digital medical report provider) with 67% of claimants receiving a decision on day one. For critical illness claims the turnaround time was 41 days (improving to 32 days in Q1 2025).
The Charter aims to ensure claimants have the best support with a caring, efficient and hassle-free experience and claims paid as quickly as possible. That includes claimants having a named point of contact with regular updates provided to them. Once claims are approved money should be paid within 72 hours and claims forms should be assessed within three working days and medical evidence within five working days.
Richard Waters, Head of Protection Distribution at HSBC Life (UK), said: “Our priority is to support and offer care to our customers and their loved ones at such challenging times in their lives. Retaining full status with the Protection Distributors’ Group demonstrates our commitment to providing the highest standards of customer care and reinforcing the value of our proposition.”
Advisers can call on 0345 587 3877 or email protectionteam@hsbc.com
References
1 From 1st January to December 31st, 2024, HSBC Life paid out claims, accumulated across all its Life and Critical Illness products and distribution channels.
Media enquiries to:
HSBC Life (UK) Limited
Ellis Ford ellis.ford@hsbc.com
Citigate Dewe Rogerson
Seb Zickus +44 (0)20 7025 6494 seb.zickus@citigatedewerogerson.com
About HSBC Life (UK) Limited
HSBC Life (UK) Limited is part of the HSBC Group, one of the world’s largest banking and financial services organisations. HSBC Group serve more than 40 million customers worldwide through a network that covers 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. We aim to be present where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions. HSBC Life (UK) Limited was founded in the UK in 1988 and offers insurance services to meet protection and investment management needs. Our services and solutions are available through HSBC banking channels and selected third parties, including financial advisers and aggregators. For more information on HSBC Life (UK) Limited range of services go to https://www.life.hsbc.co.uk/ and for more information on HSBC please go to https://www.hsbc.com
About HSBC Life
HSBC Life is the insurance business of the HSBC Group. We manufacture life and health insurance products in Hong Kong, mainland China, Singapore, India*, France, UK, Malta, Mexico, and Argentina. HSBC Life offers a range of insurance products to meet the protection, education, retirement, wealth growth and legacy planning needs of our customers. Our services and products are available through HSBC banking channels, selected third parties, including financial advisers and aggregators. *Through our joint venture, Canara HSBC OBC Life Insurance.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,054bn at 31 March 2025, HSBC is one of the world’s largest banking and financial services organisations.