iPipeline, a provider of solutions and services to the life and pensions market, has reported a record 88.6% increase in third quarter new business volumes through its protection sourcing solutions.
Existing clients contributed to a 17.8% increase in new business, with new client wins making up the rest.
Mortgage brokers continued to outperform independent financial advisers (IFAs), with new business volumes up 90.5% year-on-year compared with 32.4% from IFAs.
iPipeline said it has also seen a wider spread of solutions being selected, with the volume of multi-benefit new business year-on-year sales increasing by 63.6% and income protection sales rising by 65% in the third quarter.
The data shows there is a growing trend in younger clients purchasing protection. In 2015, the under-30s accounted for just 14% of policies sold, which rose to 18% in Q3 2019.
Ian Teague, UK group managing director at iPipeline, said the rise in young people buying protection has been driven by providers developing solutions that better serve younger people’s needs, along with advisers engaging and having deeper protection conversations with young people.
Roy Mcloughlin, associate director at Cavendish Ware and co-chair of the Income Protection Task Force, added: “It seems our wealth advisory and mortgage broker colleagues are helping to make protection central to all financial advice.”