Cheltenham, UK, October 11th, 2019 –
iPipeline® – a leading provider of next-generation solutions and services to the life and pensions market – today announced another record increase in total year on year new business growth through its protection sourcing solutions. Q3 year-on-year new business volumes were up 88.6% as compared to this time last year, a continuation of the new business trend witnessed over the past few years.
The company saw a strong performance from its existing clients, who contributed to a 17.8% increase in new business as they continue to drive great consumer outcomes, with new client wins making up the rest.
The results indicate that Mortgage Brokers have continued to outperform Independent Financial Advisers (IFAs) in the level of protection new business. Q3 protection new business volumes from Mortgage Brokers show a 90.5% year-on-year increase, compared with a 32.4% year-on-year increase from IFAs.
iPipeline has also seen a wider spread of solutions being selected with the volume of multi-benefit new business year on year sales increase by 63.6% and income protection year-on- year sales increase by 65% in Q3.
Further analysis of the data shows there is a growing trend in younger clients purchasing protection. In 2015, the under 30s accounted for just 14% of policies sold. This has increased to 18% in Q3 2019.
Ian Teague, UK Group Managing Director at iPipeline commented: “Our Q3 new business volumes were the best we’ve seen and we’re particularly proud of the growth that’s come through our existing clients. It’s testament to our close working relationship and combined desire to improve processes, develop better technology and grow the protection business.
“It’s also great to see more young people buying protection. Much of this increase is due to providers developing solutions that better serve younger people’s needs, along with advisers engaging and having more, much deeper protection conversations with this crucial but often underserved market segment.
Roy Mcloughlin, Associate Director at Cavendish Ware and co-Chair of the IPTF, said: “In a world blighted by continuous bad news, what fantastic reading these statistics make. It seems our wealth advisory and mortgage broker colleagues are helping to make protection central to all financial advice. Bravo to everyone involved, but it’s not time to sit on our collective hands. It’s great news but we need to keep up the continued effort.”