iPipeline has reported another increase in total year on year new business growth through its protection sourcing solutions.
The service provider to the life and pensions market said Q2 year on year new business volumes were up 39% as compared to this time last year, a continuation of the new business trend witnessed over the last few years.
It said its results reflect the continuing pick-up in protection sales received from Independent Financial Advisers (IFAs) and mortgage brokers using iPipeline’s solutions.
The proportion of life cover containing critical illness is currently 46%. Life cover benefit amounts have increased by 7% during Q2 year on year and multi-benefit policies have increased by 68%.
iPipeline’s existing clients contributed to a 16% increase in new business, with new clients including Mortgage Advice Bureau and Primis Mortgage Network, contributing to the remainder.
Mortgage brokers continue to increase protection sales year on year by 102% in Q2 whereas IFAs increased by 27%.
Ian Teague (pictured), UK group managing director at iPipeline, said: “The continued growth is testament to the close partnerships we have in place with our existing clients and that we adopt with new clients joining the journey to help drive growth in the protection market.
“Technology is continuing to evolve leaps and bounds, helping businesses to reap the benefits of streamlined and cost-efficient operations. I’m very pleased this is enabling our provider, network and adviser partnerships to continue working towards the vision of better protecting consumers.”