PruProtect hits profit for first time
The protection provider is looking to launch new products to open more markets
PruProtect has hit profit for the first time since the provider began four years ago, recording gross operating profit of £16.9m in 2012.
The provider has gained on 2011’s figures of a £7.8m loss, while also boosting its intermediary market share.
However, Herschel Mayers, chief executive officer at PruProtect, says it wants to grow this market share further, hiring more account managers to target the IFA space.
The company is also launching a new product aimed at making it easier for wealth manager IFAs to write protection business.
To be released in November, there are minimal details of the offering at the moment, with Mayers saying, “We want to open new markets and to create innovative products.”
However, the company is aware that its innovation is copied by competitors, saying that the aim is to keep one step ahead.
Mayers adds, “It’s good if they copy us as it improves the market and outcomes for consumers.”
One aspect that has led to the improved profits is the company’s claims experience, which Mayers brands as “excellent”.
The company’s Vitality wellness programme means it has a healthier customer base, which in turn leads to the improved claims data.
Mayers adds that customer engagement with the brand is also high, “Lapse rates have continually declined, which is a key measure of overall customer satisfaction.”

