Solutions and services provider iPipeline recorded a nice 69% rise in new business in Q4 2019 year-on-year.
In addition, the firm saw a 50% year-on-year increase in income protection sales and a 48% increase in the volume of multi-benefit new business.
The amount of cover written also grew with average premiums for policy applications up 5% year-on-year.
Furthermore, Q4 2019 year-on-year income protection sales through IFAs and Wealth IFAs increased by 47% and 71% respectively. Sales through mortgage brokers only rose by 54%
According to data from iPipeline, the proportion of women applying for income protection grew from 38% at the beginning of 2018 to 41% by the end of 2019.
At the same time, people aged between 25 and 44 accounted for a growing number of protection sales. They comprised 63.3% of total sales volume in 2019, up from 59% the year previous.
Ian Teague, UK Group managing director at iPipeline, said: “2019 has been an outstanding year for the protection industry and we are proud our digital solutions have helped grow the market and contributed to this success.
“While the past 12 months have seen Mortgage Brokers taking the lead in selling income protection, it’s great that IFAs are starting to close the gap. We are also delighted more women and younger people have been buying protection products. The industry needs to build on this in 2020 and continue to focus on encouraging underserved markets to engage with protection by developing new and more personalised products and by using technology solutions to improve customer outcomes.”
Roy McLoughlin, associate director at Cavendish Ware and co-chair of the IPTF, said: “A new decade and already great news for IP. 2020 certainly feels in a better place than 2010 for protection and nowhere is this positivity more felt than in IP. It feels like the advisory community is awakening from its ambiguous relationship with IP and putting it at its rightful heart of all protection planning. It’s important we all make efforts to amplify this message and these figures indicate this is occurring.”