New business volumes up 88.6% on same time last year for first three months of 2019
Technology provider iPipeline has once again reported a record increase in total year-on-year new business growth through its protection sourcing tools.
For Q3, its new business volumes were up 88.6% on the previous year, with 17.8% of this being driven by existing clients and new clients wins making up the rest.
Mortgage brokers outperformed independent financial advisers (IFAs) for levels of new protection business. Volumes from mortgage brokers showied a 90.5% year-on-year increase, compared with 32.4% from IFAs.
According to iPipeline, there has been a wider spread of solutions being selected with the volume of multi-benefit year-on-year sales increasing 63.6% and income protection up 65% in Q3.
Analysis of the data also indicates a trend for younger people purchasing protection - in 2015, the under 30s accounted for just 14% of policies sold, however this 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, added: "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."
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