Record week for income protection applications in March, according to iPipeline
The life insurance and pensions technology provider had a record number of income protection applications on its portal last month
Financial services technology provider iPipeline reported it experienced its highest week for new income protection applications in a decade for the week beginning 11 March. With 3,280 applications submitted through iPipeline portals, this activity was 8 percent higher than the previous highest total, recorded in 2023, and includes applications that cover any policy with income protection, be it standalone or part of a multi-benefit plan.
These figures reflect rising income protection sales in general, with the ABI announcing a 16 percent increase in sales for 2023, compared to 2022. In 2023, the ABI recorded 247,000 new policies, which was the highest recorded by the ABI since they began collecting data in 2000. The recent activity on iPipeline portals — SolutionBuilder® and Assureweb®, which represents 50 percent of the total intermediated protection market — indicates that income protection sales may continue to boom in 2024.
Angela Davidson, Head of Protection at Mortgage Intelligence, said: “Income protection is the cornerstone of financial resilience, so this significant uptick in applications of late is something to celebrate. We can’t rest on our laurels, however; we must keep beating the drum to maintain this upward trajectory and ensure the importance of income protection is raised on every occasion. My hopes are that we continue to see advisers, and the industry alike, working together to protect more families to keep the roofs over their heads and food on the table.”
Paul Yates, Product Strategy Director of iPipeline, said: “The activity we’ve seen on iPipeline portals this month further indicates the growing demand for income protection. The weekly high achieved in 2023 was the highest since 2014, which indicates an upward trend is likely to continue this year. In a climate of high interest rates and many still feeling the squeeze caused by double digit inflation last year, there seems to be a growing interest in a safety net to help address such financial shocks. I’m encouraged by this activity, and we’ll be relaying this to our partners, together with underlying trends from our data which will help inform their growth strategies for 2024 and beyond.”
About iPipeline
iPipeline is a leading global provider of comprehensive and integrated digital solutions for the life insurance and financial services industries in North America, and life insurance and pensions industries in the UK. iPipeline couples one of the most expansive digital and automated platforms with one of the industry’s largest data libraries to accelerate, automate, and simplify various applications, processes, and workflows – from quote to commission – with seamless integration. The company’s vision is to help everyone achieve lasting financial security by delivering innovative solutions that connect, simplify, and transform the industry.
Since its establishment in 1995, iPipeline has helped protect more than 49 million people, and today is trusted around the world by more than 100 insurance carriers, financial institutions, and providers, and more than 2,500 broker dealers, Brokerage General Agencies (BGAs), Independent Marketing Organizations (IMOs), and Managing General Agents (MGAs). Connected to more than 500,000 agents and advisers/advisors, the company collected more than $33 billion in premium in life insurance and $55 billion in annuities in 2022. iPipeline operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500® and Fortune 1000® indices. For more information, please visit https://www.ipipeline-ox-bak.purpleplanet.website and select your country of origin.
Media Enquiries
Nick Jones, Director, Marketing, 07712 011074, njones@ipipeline.com
Matt Morris, Carr Consulting & Communications, 07717 420693, matthew@carrcandc.co.uk
