Cheltenham, UK, April 3rd, 2019 –
iPipeline® – a leading provider of next-generation solutions and services to the life and pensions market – today announced another increase in total year on year new business growth. Q1 year on year new business volumes were up 29% as compared to this time last year, a continuation of the new business trend witnessed in Q4 of 2018.
The strong year on year new business results reflect the continuing pick-up in protection sales received from Mortgage Brokers and Independent Financial Advisers (IFAs) using iPipeline’s industry-leading services. The results indicate that Mortgage Brokers have continued to outperform IFAs in the level of protection new business in Q1 2019. Q1 protection new business volumes from Mortgage Brokers show a 90% year on year increase, compared with 29% year on year increase from IFAs.
Further analysis by iPipeline shows that a key reason for this on-going trend is that Mortgage Brokers are discussing the client’s appetite for risk at the start of sourcing and researching a client’s mortgage. iPipeline’s Risk and Mortgage Protection Report supports important conversations on the potential life events that could affect their clients over the term of their mortgage, which could impact their ability to pay-off their mortgage. This approach enables Mortgage Brokers to highlight the benefits of the various protection cover they may need and as a result, to secure multi-benefit sales.
iPipeline has yet again this quarter seen the volume of multi-benefit new business year on year sales increase by 77% and income protection (IP) year on year sales increase by 75%, for Q1 2019. Data indicates 23% of protection policies written in Q1 2019 were for policies with two or more benefits such as life insurance, critical illness and income protection.
Ian Teague, UK Group Managing Director at iPipeline commented: “Our March 2019 new business volumes were the best ever, and I believe this demonstrates iPipeline’s increasing focus on supporting advisers to help drive better customer protection conversations is working.
Ian continued; “Q2 2019 continues to bring Brexit uncertainty and a threat of a reduction in mortgage sales. We therefore expect to see protection continuing to be a key area for growth in 2019 as consumers increasingly look to protect their home and lifestyle through uncertain times.”
IPTF Co-Chairman, Roy McLoughlin, commenting on iPipeline Q1 results said: “The IPTF loudly applauds these latest figures from iPipeline. We are really sensing a significant change in adviser attitudes around income protection, which should be at the heart of all protection advice. There is a long way to go but the IP drum needs constant banging and we would encourage all parties to be a bit better and shout a bit louder about the importance of income protection.”