BT Financial Group says it is the life insurer cited in an Australian Securities and Investments Commission (ASIC) report as declining 37% of total and permanent disability (TPD) claims.

But it says the regulator got the figure wrong, because all refused claims are not comparable.    

CEO Brad Cooper says ASIC has admitted data provided by insurers for the review was inconsistent, and comparisons would be misleading.

“In BT’s case, the data includes some claims that were lodged by people who were not insured with us at the time of their injury or illness, and some claims by customers who were paid under other parts of their policy such as income protection,” he said.

“If we took these things into consideration, the number would be much lower. The facts are, BT declined 58 TPD claims [last year].”

Mr Cooper says BT paid $255 million in life insurance claims to 2640 consumers last year.

But he accepts the industry must improve data consistency so consumers can make valid comparisons.

“Each insurer will have used their own definition of what constitutes a denied claim as part of ASIC’s review,” he said.

“We strongly support the need for standardised reporting to allow consumers to make meaningful comparisons.”

Mr Cooper says BT will re-examine reasons behind the 58 claims being refused, to ensure “our processes are robust and fair”.