Scottish Provident has topped a survey of the UK's biggest term providers, buoyed by sales of its Se...
Scottish Provident has topped a survey of the UK's biggest term providers, buoyed by sales of its Self Assurance product range.
According to Swiss Re Life & Health's Termwatch study, which ranks companies by annual premium income, the life company wrote £28.5m worth during 1998, £16m more than NatWest Life, which trailed in at 10th place.
Scottish Provident now receives 3,000 applications a week from IFAs selling its Self Assurance product range.
Roger Edwards, product marketing manager at Scottish Provident, said: "Term assurance has traditionally been about price - the cheapest wins. Our approach has put advice back into the equation and you cannot get that in the commodity market.
"We are looking to grow the term assurance market as well as taking a bigger share. We want around 40%, which is around 5,000 applications a week.
"Our success with Self Assurance has shown our strategy to remain mutual has paid off."
Figures from Swiss Re show IFAs account for almost 37% of the term protection market, compared with 56% sold via direct salesforces and appointed representatives.
The research shows that 47% of all new sales are level term plans, while 41% are written on a decreasing basis.
