Solutions and services provide iPipeline recorded a 29% increase in new business year-on-year for Q1 2019.
iPipeline also saw the volume of multi-benefit new business year-on-year sales increase by 77% in the quarter. Furthermore, income protection sales increased by 75% compared to the same point last year.
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The firm’s data showed that 23% of protection policies written in Q1 2019 were for policies with two or more benefits.
Why the increase?
According to iPipeline, the strong new business in Q1 2019 reflected the pick-up in protection sales received from mortgage brokers and independent financial advisers (IFAs).
Mortgage brokers have continued to outperform IFAs in the level of protection new business in Q1 2019. Mortgage brokers witnessed a 90% year-on-year increase, while IFAs only increased by 29%.
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.
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By GlobalData“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.”
iPipeline results in Q4 also broke records as year-on-year total volume of new business increased 21%.
Furthermore, across 2018, £77bn ($101bn) of life cover and £19bn of critical illness cover was sourced through iPipeline.
Over the second half of 2018, the volume of new income protection and short-term income protection with critical illness business was said to increase dramatically.
Sales of income protection increased 85% year-on-year during Q4. In addition, half of income protection business was from Mortgage Brokers and this channel witnessed year-to-year income protection levels increasing by 165%, compared to 68% for IFAs.
