iPipeline results in Q4 saw it break records as year-on-year total volume of new business increased 21%.
According to the solutions provider, the strong result was due to a step change in the volume of protection business received from mortgage brokers.
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iPipeline results
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.
The volume of multi-benefit sales in Q4 grew by 70% year-on-year.
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By GlobalDataIan Teague, UK group managing director at iPipeline, said: “2018 has been a great year and increase in income protection sales through Mortgage Brokers demonstrates that the mortgage advisory market is increasingly looking at protecting customers against the impact of illness as well as death.”
Teague added: “I believe that the results demonstrate that the services we provide are instrumental in helping our customers to drive better protection conversations with their clients. Providing more opportunities to discuss the wider protection options available and to engage their clients in making personal informed choices on the cover arranged is helping clients to better understand their total protection options.
“Our focus for 2019 continues to utilise our experience and expertise in the life and pensions market, to develop propositions and solutions, such as SolutionBuilder, AlphaTrust and SSG Digital. Our focus is on making the process of arranging and managing the necessary cover for advisers and their clients as effective as possible and growing volumes further in 2019.”
Furthermore, Tom Conner, director at Drewberry, said: “It’s great to see portals such as iPipeline and others reporting such strong growth in the protection market, especially from the mortgage sector. We don’t believe there is any individual reason for the continued growth the market is seeing, more likely it is a combination of factors including better products and processes, marketing and advertising, consumer insecurity and the growing realisation of the need to protect what you already have.”
iPipeline won an award at the Life Insurance Innovation Awards 2018 for its back office.
