iPipeline new business volumes up 88.6% year-on-year

iPipeline saw its new business volumes in Q3 2019 up 88.6% year-on-year, continuing the trend the firm has seen over the past few years’ results.

The provider of solutions and services to the life and pensions market also witnessed strong performance from its existing customers. Existing customers contributed to a 17.8% increase in new business and new clients wins made up the rest.

In addition, Q3 protection new business volumes from mortgage brokers showed a 90.5% year-on-year increase, compared with a 32.4% year-on-year increase from independent financial advisers.

Multi-benefit new business year-on-year sales increased by 63.6% and income protection rose by 65% year-on-year in Q3. Furthermore, iPipeline witnessed a growing trend in younger clients purchasing protection. In 2015, those under 30 years of age accounted for only 14% of policies sold. By Q3 2019, the same group accounts for 18%.

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, said:
“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.”

In August, Roper Technologies signed an agreement to acquire iPipeline for an undisclosed sum.