Network sees surge in protection business

Network sees surge in protection business

Stonebridge Group has revealed a 68 per cent increase in life applications by appointed representative firms over the first three months of 2015 compared to the start of 2014.

The surge in life applications outperformed the 59 per cent rise in mortgage applications over the same period. The mortgage to life ratio – the number of clients taking out both a mortgage and protection cover at the same time – has increased from 44 per cent a year ago up to 50 per cent.

The increased activity meant completed life and protection commissions increased considerably over the course of the year, up 79 per cent on the first quarter of 2014 and 4.7 per cent on the final three months of 2014.

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The network has also seen an ongoing increase in the number of AR firms, adding 51 in the last year, an increase of 22 per cent on 2013.

Richard Adams, managing director of Stonebridge Group, said: “We are both a mortgage and insurance network which is why we focus intently on providing our AR firms and advisers with access to the best protection, life and GI providers, products and terms in the marketplace.

“Given the increase in mortgage activity last year you might have expected some advisers to put these product areas on the back-burner while they deal with an increase number of mortgage clients, however this is something we do not condone.

“There is always work to be done and our aim is to get our mortgage to life ratio up even higher than 50 per cent however the trend is certainly in the right direction and firms are able to see the increased income that can be generated in this area.”