iPipeline, a provider of technology solutions in life insurance and pensions, has seen a record number of income protection applications on its portal for the week starting 11th March.
The total of 3,280 applications marks an 8% rise from the company’s previous high in 2023. This includes policies that are either standalone income protection or part of a multi-benefit plan.
The Association of British Insurers (ABI) also noted a rise in the general market, with a 16 percent increase in income protection sales for 2023. Last year’s figures from the ABI reported 247,000 new policies, a record since they began data collection in 2000. iPipeline’s recent surge in applications, through platforms such as SolutionBuilder® and Assureweb®, suggests that the growth trend in income protection sales may continue into 2024.
Angela Davidson, head of protection at Mortgage Intelligence, responded to the increase, saying: “Income protection is the cornerstone of financial resilience, so this significant uptick in applications of late is something to celebrate.
“We can’t rest on our laurels, however; we must keep beating the drum to maintain this upward trajectory and ensure the importance of income protection is raised on every occasion.”
Paul Yates, product strategy director at iPipeline, also commented on the trend: “The activity we’ve seen on iPipeline portals this month further indicates the growing demand for income protection.
“The weekly high achieved in 2023 was the highest since 2014, which indicates an upward trend is likely to continue this year.” He highlighted the role of economic factors, such as high interest rates and last year’s double-digit inflation, in sparking interest in financial safeguards.
