iPipeline has reported a 31% increase in the number of completed new business protection applications in the first six months of 2017, based on provider supplied data, as compared to H1 2016.
The number of unique clients receiving quotes increased by 23%, with comparison requests increasing by 34%.
In Q2, iPipeline’s SolutionBuilder – the research, quote and application solution for advisers – saw the highest number of users per quarter since the company began. The latest results for August 2017 show that iPipeline new business is up 39% compared to August 2016.
Across all protection products, premiums averaged £45 per month.
Growth in multi-benefit plans, having increased significantly from 3% of protection transactions in July 2015 to over 12% in March 2017, has now levelled off and accounts for a consistent 12% of total new business applications.
Ian Teague, managing director at iPipeline, said: “We’re engaged with many adviser businesses, working with them to grow protection opportunities and the outcomes are astounding. The results for the first half of the year indicate that our customers’ protection volumes are moving in the right direction. Our 39% increase in business during August is a very positive indicator of continued growth. Most of this growth comes from existing clients gaining the business benefits of moving from Assureweb to SolutionBuilder.”
“Our protection sourcing tool, SolutionBuilder, is forever evolving, enabling advisers to rethink how they engage with their clients and their protection needs. We believe this is a major part of why our business figures are strong and we’re very pleased that it means more advisers are being helped to sell protection and more clients are gaining quality cover. We’re continually innovating and will be announcing new capability in Q4 that will support our customers to better serve their clients and further increase protection volumes.”